I was using the TASCAM 2488 for this on input 3 of 8.
[Edit: The problem happened on the MXL mic I used before the Guitar Cube as well, but it wasn't as extreme.]
It looks like the issue was related to power and the MXL Guitar Cube Microphone.
http://www.musiciansfriend.com/condenser-microphones/mxl-guitar-cube-pro The problem started before I changed Microphones (1 song before) and was limiting the + values to -6dB. Then after changing Mics it limited to -12dB.
I haven't been able to replicate the issue.
Further, it occurs to me that when I used the Tascam a lot for recording, I would use 2 Art Tube Pres with it. Maybe this reduced the likelihood of me bumping into this particular problem. I also have a tube mic with it's own power supply. Still, there were only 3 Mics plugged in that needed phantom power. 2 were my KM184s which recorded fine and one was the guitar cube.
I wonder if I had toggled the Phantom power after plugging in the Guitar Mic if that would have fixed it, or if the unit were simply underpowered to handle this particular mic plus the 3 others with phantom and the 4 drum mics without phantom.
If I had brought along my Art Tube Pre, this could have been avoided, probably.