There are several threads on Take Lanes. It was frustrating and confusing when I first tried to use them. My biggest headache was when stopping the Loop somewhere within the Loop, and all the previous clips were split/duplicated, I'd end up with clip chaos. Then I discovered that those split clips could be deleted and that the original clip would remain in tact - slip edit reveals the original. I haven't tried the Sound on Sound option.
I primarily use Take Lanes for vocals and sometimes I use different tracks for different sections, Verse 1, Chorus 1, and so on. But if the vocal sections have enough space between them such that I can loop song sections without overlap and more 'clip chaos,' I might record all the takes on a single track...it all depends.
Then what I usually do is I get rid of the split clips, duplicate that original track, mute/hide it to preserve the raw vocals and just work on the duplicate. I then go through those takes, split clips as needed and copy/promote the clips I want to a new Take Lane muting all the other clips as I go (eventually I delete them). Once I have a comp'd vocal consisting of those selected clips, I might apply a little Melodyne Region FX, Bounce to Clip, apply fades, etc.