Addressing the OP, there are a lot of options but I would advise working backwards from the output.
For example, the interface is hardware, so it can't go above 0 without clipping. So you should keep your master fader at 0 or close to it.
I generally start off with my channel faders at what would be technically defined as "y'know, quite a bit below 0" because as CJays Music pointed out, the more channels you have adding into the mixer, the more you need to reduce the individual channels. SONAR's Quick Group functions is great for this because if your levels creep up over the course of a project, you can bring them all down by the same amount.
Then you gain-stage within the channel strips (ProChannel and FX bin) to avoid clipping at the input, output, and internally within where the effects live.
One fine point is that SONAR's audio engine has a helluva lot of dynamic range. You can usually get away with having all your mixer channels lighting up red like a Christmas tree, and as long as you keep the master down and the channel strips are gain-staged properly, you'll be able to feed the interface the correct level. But that will usually come back to bite you at some point, like it you want to add a hardware insert, do a smooth fadeout with the master fader, etc. So I definitely don't recommend it...but if a channel goes into the red sometime, and you have the master fader pulled back a bit, the mix police will not ask you to appear in court.