It might be good idea to talk about levels on busses. So far I have been talking about tracking using the K System. If you choose a ref level of K-14 then your tracks should all have signals recorded on them that are averaging an rms value around -14 db FS and the peaks just end up where they end up.
(with K-14 there is only 14 db of headroom but usually enough for most signal transients) All I do regarding busses is do the same thing there. If I send a bunch of tracks to a buss then obviously if the tracks were all around unity then the combined effect of them would overload a buss bigtime. But by pulling individual tracks down accordingly then all you have to aim for is a total of K -14 on a buss. Same thing applies there. Average combined rms value will be around -14 and the peaks will still just take care of themselves. Rarely will anything clip a buss.
For the master buss I am just adjusting the busses so the combined total signal on the masterbuss is also K-14. Average rms value of the whole mix is still around K-14 and peaks will still take care of themselves and will rarely clip. Keep the volume up a bit in the room so the mix sounds powerful and big.
How do you do all these measurements? With VU meters of course. And the good news is that the Klanghelm VST meters do a great job.
(Cost under $10, you get a mono and stereo meter for tracks and busses) Just set the ref level and away you go. The meter will show FSD or 0db VU when your ref level is reached rms wise that is.
Big punchy drum sounds with lots of attack and punch are very possible on the drum buss for example. You can do all this at K-20 if you are worried about very transient signals clipping anywhere. It just means you have got further to master it up level wise to get it up to commercial final levels.
The problem I think many have is trying too hard to create a loud and powerful mix right from the start and that is where clipping starts to make itself apparent etc. People are trying too hard to get right up near 0db FS during tracking because they think it is best up there. Not so. They start overdriving busses and the final masterbuss. All this dumb talk about what happens in Sonar and other DAW's when you go over 0db FS. But you don't have to come anywhere near it!
You don't do that at all. You just create this lovely K -14 master which is not overloud of course but punchy with no clipping in sight. Then you master in a separate session and a week later as well. That is the time to start using EQ, compresssion and limiting to get those average levels well up into commercial territory. Of course I would love it to just stop there. You should hear how fantastic a K-14 or even a K-20 master sounds turned right up loud.
But for the moment the client wont accept it like that. But I believe with some careful compression and use of a great limiter such as the PSP Xenon you CAN achieve very loud masters that are still punchy and kickass.