Some tips to make vocals sound good:
Dont use cool edits compression- as a regular compressor, its not going to work well. Get Waves' ren comps 1 and 2 and their L1. Cool edit's compression is best used as
a multi comp. For instance Ive found this to be a very effective multi setting on vocas ---bandwith bet 8k and 12k (or 8k -24k), 1.5:1 ratio, -20dB threshold, expand 15:1@-92dB, attack @ 5ms, release bet 75 -100 ms. That setting yanks out the air on most vocals a little more aggressively than EQ but also smoother and more consistent than EQs do. The sm58 has almost no air naturally and if you want something like a real condenser sound then compressing the top end will help significantly.
Cool edits reverb is among the best around IMO, if used properly. For many applications you will get more mileage out of the basic reverb. Its clean and effective and sounds great at most settings. The full reverb is trickier and almost always requires extensive tweaking. Play around with the early reflections settings, room size, dimension (width/depth), Ive gotten great drum sounds with this.
There are no universal settings for reverb. It depends on your room, the genre of music, the voice etc. I would just caution to watch the gain levels as the full reverb generally reduces the gain by 3dB or so.
The chorus is also very solid but Ive never used any of the presets or anything close to the presets.
Heres a nice smooth medium thick layer on a stereo vocal: thickness @ 6 voices, max delay @ 3 ms, delay rate @2.2Hz, spread bet 50-70ms, a wide field of 80% or so, 90% dry, wet out @20%. Use that with a slight reverb and medium compression and depending on your mic and pre and EQ ability, you got a nice big up front vocal.
As a general rule the presets arent very usable. Use them as a starting point but move away from them and develop your own. Also on most of the para EQ the Q settings are too wide to be effective. Narrow the Q's to 1.3 or 1.45, add bandwiths at 350, 500, 3.5k, 4.5k. Mackie's one of the worst EQs out there so I dont know the wisdom in calling the settings "Mackie mid boost at 2500." Cool edit is an amazing tool, you just have to get off the
main road so to speak.