Always try to use wave files in your work not mp3's.

The only time you want to even think about an mp3 is when you convert the finished wave to MP3 for posting on the music servers we like to use, like Sound click or sound cloud where mp3 is required... then, you want to use the highest resolution mp3 possible to fit into the limits of that server.

I always try to avoid the use of FX in the recording process. I prefer clean dry tracks. I use FX as plugs only where they will improve the sound quality. For guitar, you absolutely must get the right sound up front before you press record.

I set up my guitar to sound like I want it, then I record a short section to see what it sounds like on playback in the mix. I adjust the tone and try again if it doesn't work.

One thing to know.... you can tweek the guitar (or any instrument for that matter) to where it sounds really good, and repeat that for each other instrument in the mix by soloing them one at a time.... then , when you put them all in the mix together, they sound like crap. The reason is that they each contain the frequencies to make them sound good individually, but together, the freqs overlap and you end up with mud because there's way to much energy in the frequency bands....

It's for this reason that I start a mix with drums and bass..... together.... get them sounding good and start adding and tweeking from there.

That's my way of working.... it's not the only way to do things... just how I do them.

You can find my music at:
Add nothing that adds nothing to the music.
You can make excuses or you can make progress but not both.

The magic you are looking for is in the work you are avoiding.