John
Really its not a good idea to clip any audio even with a FP audio engine. True the routing within wont have a problem and with FP there is no true clipping but some plugins can't handle overly hot signals those above 0dB. Besides there is no logical reason to allow audio to clip.
A technique I rely on is before I start to mix I lower all faders to infinity. I then raise one at a time to set a balance. If I find I'm in the red on a track to get it in balance I go back and lower all the others. Remember faders go both ways.
No and take this the wrong way John, but this is old school thinking. And I'm not talking about constantly in the red either, just don't worry about clipping...just like on a analogue desk.
I do the opposite to John, I leave all my faders at zero, mix all the instruments e.g. console emulator, EQ, compression, then balance the mix to fit the quietest track. This generally means the master bus is over by 3 or 4 db, I then use the gain pot with Linear Phase EQ, then Tape Sim...to give me an average of -3db RMS headroom for mastering. This is how you use the gain pot. IMHO.
But John is right, and it can work this way...although I'm highly doubtful you will get the same fullness of mix this way. And it is how an analogue engineer would mix in the digital realm. Whereas I'm a digital engineer, using analogue mixing techniques.
Now there will be some huffing and puffing about this concept, this is analogue engineer vs digital engineer, but as a digital aesthetics expert now...and I will get around to writing a paper and publishing this at some point, there is a definite difference between the two paradigms. Again the proof is in the pudding, all my music is in the below links.
Cheers Ben