[MC5tooge]

I'm using Adobe Audition for the processing I do on the shows I tape.(Tape wow and flutter is not an issue on these, as I record on a Zoom H4, and another hard disc recorder and a HiMD Minidisc before that.)

I do actually have a fairly standard procedure.
1) Process at as high resolution as possible. On my system this is 32 bit floating at 96khz.
2) Frequency band split your master into five files, each for the different frequencies.
3) Add these five files and the untouched master into the audio mix so you have six different channels.
4) Leave your master untouched.
5) Play around with compression, dynamics, dynamics processing etc. in the five split channels to optimise each frequency. Different frequency channels need different boosts- bass my need fattening up - snares may need a bit of air etc...
6) Play with the setting on the sliders to get it to sound right. Most of the mix should be the original master file. The other channels will just work as a kind of boosted form of EQ adjustment. If you've done it properly, you'll be adding extra clarity to the various instruments and voice. Sometimes it can be a good idea to add the mid-frequency channel twice and adjust one for guitar and the other for voice.
7) POSSIBLY use the mastering preset in the output channel.
8) Downmix to stereo mix at desired resolution.

Every recording I've worked on using this method has ended up sounding a lot better, yet without adding audible distortions.

I play back on speakers and headphones during the mixing process and after mixing play back on another system. If it needs redoing I redo it.