Since I rarely sit down to just "mix" a bunch of tracks that someone has given me, mixing for me has evolved and blended into the whole tracking, editing, comping process...and I'm usually pre-mixing with the first few tracks, so by the time I'm actually mixing, there isn't a specific process and/or "starting position"...fader levels and pan knobs and even EQ/Processing has already been in play for awhile, so the actual last step "mixing" is really more about fine tunning what I already have going on.
If/when I do just get some tracks to mix...then yeah, it's mostly push up the faders and start panning things, and then try to get a good balance with that....then tweak it from there with EQ/Processing and fine adjustments of levels etc.
Usually I put the drums up where they are solid level wise, them bring up the guitars bass, then keys, then vocals and finally leads/accent stuff and blend them in with the drums as desired and required. Then I go back and fine tune it all with a few passes. I try to leave the drums alone level-wise, otherwise you end up with level-creep....like if the drums are starting to fade back too much in the mix, I don't raise them, I lower the other tracks to get
my balance back in check. It's just a matter of having something as a reference. You could use the lead vocal, but I don't find vocals don't always make a good gauge for the rest of the mix, and I prefer to use the drums as my mix reference point....plus, lead vocals are often mixed with 2-3 versions -- up/down/even relative to the mix.