I don't think you are in trouble if you record hot (as low as you don't clip). Once you have all your tracks in there, you then do your gain staging so the master bus is under control. Once that is done you do all your mixing to get the tracks sitting the way you want. Then you apply the compression/limiting on the master bus (or sub-busses) to get the overall song volume where you want it. A little bit of an over-simplification, but there you go.

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