i've been doing this the last few days as my scsi and midi are not all up and working till i move studios!
I've been recording all stuff as i play live and re bouncing etc. I'm only using two inputs as i only have 4 1/4 jack cables!!
Its great great fun, unquantised, live feeling......... but not the way i want to work!
Single tunes or not, you can write down settings and most mixers like mine come with a photocopyable desk map!!
Why would i have got an XT with 8 outs if i wasn't going to use them! just seems kinda wierd.
But like i said, its fun, and i may do it in the future for pure ease of use! its very fun!
But in my view, its best to keep things in midi using outboard, and when i get everything sorted i will be utilising all the outs and only bouncing when i have to!