Here is a break down of my work flow but you can skip to the FX and Bus Comp to get directly to your answer.
Everyone works in their own way and I have seen people do things I would never do but some how they make it work.
Rule Numero Uno: Don't put any FX on the master bus itself. This is the last place before digital conversion takes place (before feeding your soundcard). So keep it nice and clean. Even when I Master I typically put all FX in the tracks and keep my Master bus clean (With the exception of Analyzing and Metering tools). Those I put in the Master bus.
Tracks:Each one of my tracks is sent to a bus. I have many different tracks which include midi and audio.
There's no rule here but I often send midi and audio tracks to the same bus (Stringed bass guitar audio + Synth Bass Midi) These 2 will go to a BASS BUS. Don't be afraid to push these. just remember the simple rule that each track adds 3db. so if you have 3 tracks at 0db unity, it will push your Master Bus in to the red at +6 to +9db. So the more tracks, the more your going to have to lower everything.
Buses:This is where it can sometimes get complicated but remember there are no rules (Except the master bus rule).
Each bus is receiving a signal from the tracks being sent it to. I typically have 6-10 buses. These Buses are Drum Bus, Guitar Bus, Bass Bus, Vocal Bus, Synth Bus, Delay Bus, Reverb Bus, exc just to name a few.
The FX buses are receiving signal from the sends on different tracks (sending a portion of that signal to that buses FX).
I choose to lower my tracks vs lowering buses to adjust Master Bus levels. Once in a while I will drop a Bus fader 1db or so but any more. if I am having to drop my Bus faders, there's a problem somewhere in the tracks levels.
FX And Bus Compression:I use FX in my Tracks and Buses. The majority of FX are in the tracks. I use Bus compression on almost every single Bus with the exclusion of the FX buses. Some Buses don't need the Bus compression (there's no dynamics best left uncompressed). I am a big fan of the WAVES SSL Bus compressor. It should be noted that I don't use these to squeeze the sound, they are only there to round off large spikes in the dynamics to tame to levels. This way in mastering its much more manageable. Its very easy to tell when you have used to much Bus compression.
When you cue it up to master it, its too squeezed, sometimes distorted or simply no room to limit.
Remember to keep your Master bus fader between -6 / -3 on your mix downs. Your mastering engineer will love you.