Comp Recording largely eliminates the need to punch in at fixed start and end points because you can record a partial take of any length over a previous take, and then adjust the split points and autofade durations to get the most seamless transitions between the two (or more) takes.
You can use looping to limit the recorded range and/or record several takes in a row without stopping to allow choosing the best one or parts of several using the Comp editing tools. But the start point of the first pass will be determined by where the Now time is when you hit 'R'. If you make the looped section start and end a few bars before and after the section to be replaced and start recording at the beginning of the loop, you'll have some wiggle room for where to put the comping splits. If you stop recording after the tranport loops back, you'll want to show lanes and delete that last partial lane, and 'heal' the splits it causes in other takes.
Check out the SONAR Ref. Guide on how Comp Recording and Comp Tool work, and all of this will make more sense.