So lately I have been thinking about the best way to work in the space and with the equipment I have (neither of which really play a part in the question that I am going to pose here).  I record mostly live instrument and vocals with some supplemental MIDI instruments. One thing that I have notice is that I like to use my most recent project that I have completed, strip all the audio and midi out and create a "blank template" what has my basic mix as well as all my effects.  The issue becomes that as I was have been mixing the last project, my latency slider has been moving more and more to account for all the extra processing that is required as more and more effects keep being added.  Then there are the plugin that are not "real time" or zero latency that add to the problem as well.  What I end up doing is either hitter CNTL+E to turn off all effect (which never seems to turn off all effects, or I have to go back through the entire project and turn off everything individually, which can take a fair bit of time.  
 
What I think I would like to do, and am wondering if anyone else does, is to track in to "project".  No effects, processing, or crazy signal routing (ie everything to main)... Then after tracking is done copy everything over to a "mixing project" that contains my starting point for all my effects processing and signal routing.  To me this seems like an efficient way to work but I am wondering if any one else could offer up some ideas. 

Thats seems a bit rash, using one project for recording and one for mixing, for the same song. if you use a template, one click can disable all plugins when recording. 
 
But, to each their own. If you feel that using 2 projects for one song works well for you, then do it. I jsut do not see the point in it, when you can just bypass all effects with one click.
 
Cj

I bounce, clone, delete the gack from the clones then archive and hide my original tracks so I'm not looking at a pile of nonsense and have full length clips to work with.
 
However after my current troubles I'm tempted to do exactly what you are talking about at multiple steps. Writing/structure/beds, import to new project, keeper tracks, import to new project, mix/mixdown, import stereo wave to master project.
 
Shouldn't be like that but whatevs.

As long as you maintain a sensible backup/versioning system this should be an unnecessary step on a modern computer.
 
We have a song that is virtually finished but today I decided to add a harmony hi-gain guitar line to what was already written.
Think how tedious this could get having to open different projects, un-mute/un-archive/un-freeze or whatever, then saving it down, redoing all of the above.
 
As CJ says - just hit E if your plugins are causing too much latency at the tracking stage.
For mixing, it matters not one bit what your latency is.

If latency when tracking is an issue, bounce your current full mix to a new track within the project, call it tracking mix or something like that and use only that track as your backing when recording. That way you can bypass all project fx and still have the benfit of the full mix when tracking and you'll never have to move the slider at all. Having two projects seems like a lot more extra effort to me.