You guys are doing this old school.
The new Comping workflow is...
1) Record multiple takes of the enitre song (or specific sections if you prefer). Doesn't have to be loop recorded but can be (I just hit R and Spacebar over and over again and Ctrl + Z on the takes I KNOW I screwed up)
2) With Take Lanes open on the track using the Smart Tool Click Drag across the bottom portion of ONE clip (doesn't matter which one) to create splits/segments. This splits ALL the takes at the same spots. Generally I start with swiping across sections at a time (so for vocals I might do each verse and chorus and bridge... whatever. Just so it's all split in neat chunks that make sense).
3) Start playback (can be looped but again I prefer to manually start playback with the Spacebar). In the first song section (let's call it Verse 1) I'll click the bottom half of each clip going vertically from top to bottom listening back to each clip/take I recorded and making notes on each in the Take Lanes "Notes" section. There is also the "Speedcomping" method that loops a section and you can use the keyboard to navigate each take but I dislike that method because it doesn't give you time to make notes and it is kind of prone to dropouts and glitches on my system.
4) I repeat that for each section of the song (to demarcate the notes in the lane for each section I may put numbered Markers on the timeline... like 1 2 3 4 etc then in the Take Lanes Notes section I will use those numbers to make specific notes about each take at each section of the song. So 1=Good, 2=F*ckup, 3=Maybe Alt take, etc... then I'd delete thos markers once I have my final comp done).
5) Once all my notes are done and I have a better idea of what takes and segments work and which don't then I'll cobble together a comp by again clicking on the bottom half of the clips and listening back.
6) Once I feel I've gotten a good overall take for the ENTIRE song cobble together I use the Comp Tool X-Fade feature (you just hover over a split and the tooltip will change... then you just move the split left and right to move it on the timeline and up and down to adjust the X-Fade). This allows you to get the absolute BEST split point and X-Fade between all your best takes (and it affects ALL the takes too so if you create another comp it's usually pretty close as well).
7) Optional... if I have a bunch of awesome takes/segments comped together but there are a couple momentary mistakes/flubs then I can do a second pass of swiping (in the lower half of a clip) to replace that mistake with another take's section. These swipes could literally be a split second (like a dropped syllable or note). Adjust the split points and X-Fades so the "dub/splice" is perfect and listen back.
8) If all is well and I like what I've done the I click on the "Composite Clip" in the "Parent Track" (this is the clip that appears in the main track). That selects ALL the clips in AL the take lanes but only the clips I've comped are audible. Right Click > Flatten Comp and then my meticulously crafted composite clip gets bounced into a new lane (and is soloed so all the other lanes are muted).
After that I can unsolo and mute that comp and do the process all over again to create an alternate comp that I can a/b between then choose the best OR I can create a "doubled take that I drag into a new track (but for the latter you have to make sure absolutely NO take sections are used twice or they will dump to mono when both takes play on the separate tracks at the same time).
So that may sound more complicated... and it is tricky to learn at first, but it is an awesome workflow once you have it down. It completely avoids all the manual dragging, fading, bouncing, muting, etc we used to have to do.
It's essentially exactly what the Comp mode is supposed to do... so I'm not being original at all (aside from my own personal tweaks to the method).
Cheers.