When I do this, I usually record in sets. These are usually 45-50 minutes each. I leave them whole and work on each song at a time. This gives me continuity of settings panning, effects, etc. That way each song sounds like it came from the same performance (which it did).
It works for me without having to slice & dice into individual songs. When I get ready to mixdown a song, I select select the tracks I want then I select the song and mix down...Works well.
I have done what adq suggests, it works but it is painful...