What he said
Plus when I used to do this, I would make out a chart of which instruments I wanted where in the stereo field. So for a simple example, let's say I wanted acoustic gtr, elec rhyth gtr, elec lead gtr, vocal, bg vocal 1, bg vocal 2.
First I would save the vocal for last & have it on it's own track. This is what will stick out the most and you will want it as clean as possible and you will want to be able to adjust this in the mix as much as possible. I may put lead guitar solos on the same track, because they probably wouldn't be playing at the same time (unless there was an overlap).
Then I would figure out which instruments I want on the right and which on the left. So lets say:
Right:
Acoustic
Elec Lead (maybe not solo)
BG vocal1
Left:
Elec rhyth
BG vocal 2
Center:
Vocal
Lead solo
So I would go about it something like this:
Trk 1 Acoustic gtr
Trk 2 Elec
Trk 3 BG vocal 1
Bounce these to track 4
Then:
Trk 1 Elec rhyth
Trk 2 BG vocal2
Bounce these to track 3
Then:
Trk 1 Vocal
Trk 2 Lead solo
Then pan trk 4 right, track 3 left and track 1 & 2 center.
Or you could just do it all mono
To add complication, I used to stipe track 4 to sync up with a midi instrument where drums, bass keys, strings would come in direct to the mix. I would set the levels on the computer and feed to an AUX channel on the 4 trk (a submix of the midi stuff) and then mix the audio tracks together. To do this, I only had 3 audio tracks to work with for bouncing, so it got a little more complicated

.
Anyway, it was a PITA, but still fun to mess around with
Enjoy