Miles, what are you compressing with....
and what are you using for a preamp??????
Basically I am wondering why you are compressing BEFORE the preamp.???????
This setup up leads me to believe that you have an outboard compressor and preamp running into your soundcard/audio interface to Sonar.
It is usually more effective to amplify your signal first and get a good signal to noise ratio (ie optimize your input gain) and THEN compress that signal to tame the dynamic range of the signal.
If you have an outboard compressor with a limiter on it then controlling the occasional peak (and cutting down on a clipped signal) can be even easier.
If you are talking about guitar and your compressor is a stompbox than that is a little different but you could still use it after the preamp. I tried this a few times. You can make it work.
AND you can still edit the tracks in Sonar.
But the more you controll the signal from the source and through the input chain BEFORE you print the track, the cleaner the track will be and the less editing you will have to do to fix it.
"riding the faders" could apply two ways for you.
Normally a mixers faders controll the amount of signal VOLUME going through the channels.
If you have a track or mix of tracks that fluctuate in volume you can "ride the faders" to try and maintain a steady signal.
Compression can help with this but its really not the same thing in practice.
Your DAW's faders are probably assigned to do this and as you know riding virtual faders while recording yourself is near impossible.
The problem of not "leveling" the signal some....or at least preventing the signal from hitting 0dB and clipping BEFORE the track records your performance is that once you print distortion or clipping on a track.....you gotta live with it or try and cover it up.
Of course you may like that particular sound.............
Virtual faders can also, usually be assigned in a lot of software to controll many other perameters.
If you used a compressor plugin and assign the fader of that channel to the Ratio setting of the compressor.....you can "ride the fader", either with automation or in real time (with a previously recorded track), to vary the AMOUNT of compression throughout the track.
The fun of virtual technology.
Anywho.....there are my long-winded-2-cents.
-Mike