This is very well explained, nice work!
The methodology I use for applying effects is to record EVERYTHING completely dry, and apply any effects in post production. Why? Well, lets say you get a perfect take on guitar, but the reverb on your guitar pedal was all wrong. Well, now you've "printed" the effect, and there's nothing you can do to remove it. The effects rack in Audition is treated like an auxiliary bus, it's a send-return. You hear it in the monitors, but it's not actually affecting the waveforms themselves until you do your mix-down, THEN it prints the effects.
As for a one mic drum recording technique, I wouldn't have it overhead at all, I'd have it somewhere close enough to get the 2 most important elements, kick and snare. Back in the day when I only had one mic to get drums, I used to place it down low, equidistant from the kick, snare, and hi-hats, pointed mostly at the kick, and it got everything pretty well. Not NEARLY as good as a two-mic Recorderman technique, or individual mics on each drum, sub-mixed down would be, of course, but it would be a lot punchier than what you have now.
As for panning, it's typical to run the bass mostly down the middle (though I cheat a little and go 5% one way or the other for a little dimension.) Since you only have one mic on the drums, I'd run them just a teeny bit off center, the opposite side of which way you cheat the bass. Feel free to pan guitars out liberally. Never put two vocal part in the same spot. Think of it like a stage. put things on the stage where they'd be, just don't have two things occupying the same space.
As far as level go, on a very busy session with a ton of tracks, I sometimes have to trust my eyes first for the initial dial-in. The VU meters are your friend, you can use them to get you backup vocals all balanced, and then close your eyes and tweak as needed.
I also strongly urge you to listen to everything you can in here. Listen, see what you think, read the other commentary./ Skill levels in this forum range form abject beginner to seasoned pro, and everywhere in between. Listen the good, the bad and the ugly, read what people say, try to hear what they are hearing, and apply it to your own mixes. If you don't' feel comfortable critiquing someone's mix, then ask a question about it, that's what this forum is about, learning; and asking a question of someone who really nailed a good mix is just as valuable as someone commenting on your mix... And remember, you can learn something from ANYONE. I learn things from folks here all the time, especially from folks who may not have same the level of experience I do, because they aren't afraid to try anything, where my habits are well-ingrained. Plus, newer folks' mixes tend to be exceptionally honest.
Anyway, no matter what, keep plugging, because the love you put in is what makes it art.