I like David Glenn too but I am not sure what sort of metering he is doing. Peak or rms or both.
I believe the signal contains two components, rms and peak. The peak values vary in relation to the rms value as a result of the transient if there is one, and how it behaves just prior to the signal settling down to its longer rms level over time. The important level!
I find it makes more sense to measure the rms levels of each track and set them all to a standard level eg where -20 dB FS = 0dB VU. For me this goes a long way further in terms of prepping a mix before you start.
I often open the tracks one by one in an editor such as Adobe Audition. I check rms levels using a VU meter and just add or subtract gain to get most rms levels sitting at the reference. This will put your channel faders in a very good position in terms of starting and then getting a good mix.
I let the peaks reach whatever voltage they have to be above the rms levels. As long as the transient is not distorted then it will sound great.
With fast percussion sounds I tend to use the peak metering more. Rms is too slow here. Just ensure things are not crashing into 0dB FS anywhere. By the time you send a number of percussion sounds to a buss, the rms level on that buss will gradually increase and start to show normal behaviour.
Normalisation based on peak levels has no bearing on this approach at all really. I don't believe it will help you much. All normalising peaks will do is make every peak reach a consistent level. But the rms levels of the signal portion below the peaks will still be all over the place level wise on the tracks. And it is the rms level that is carrying the real
how loud is this sound information.
When I do the tracking I just ensure the rms ref level is met right there and then and no extra level changes are actually required from that point on.
Changing the level of a track to get it right will not alter its quality.
(Well audibly that is!) I have yet to hear someone pick a track that has had 6 db of gain applied and then the two leveled out for the AB test. With higher res calculations in the background even on a 24 bit file any calcs being done in 32 bit will be fine. 64 bit even better.
You need either real or virtual VU meters to do it this way. Sonar standard rms meters are not suitable and they also read 3 db lower which does not help. K sytem is good as it has three ref levels you can work at -12, -14 and -20. All good for different applications. -18 is another excellent and common reference level. Apart from very short percussive sounds I find that everything else allows itself to be measured and will respond nicely rms wise giving you meaningful readings.