Here is what I usually do:
1) Scratch Ryhthm Guitar
2) Burn Scratch Ryhthm Guitar to CD
3) New Recording
4) Drums (played to scratch guitar CD)
5) Mix Drums EQ,Dynamics, Effects, panning
6) Usually end up bouncing Mixed Drum Tracks to 2-4 Tracks
7) All Ryhthm Guitar Tracks
8) Mix Guitars EQ,Dynamics, effects, panning
9) Bass Guitar
10) Mix Bass Guitar EQ,Dynamics, effects,panning
11) Keyboards
12) Lead Vocal
13) Mix Lead Vox, EQ, Dynamics, maybe effects, panning
14) Backing vocals
15) Mix backing vox Eq, Dynamics,maybe Effects, panning
16) Any special effects
17) Mastering
18) Listen to it a ton of times till I can't stand it
19) Give my ears a break and listen to it again
19) Tweak if needed
20) Automate the mix
20) Burn Stereo Track
21) Burn CD
Only thing I want to try is doing Bass Guitar before Ryhthm Guitar directly after drums one time to see if I notice any difference in how a song comes out.