Mixing Live recordings can be a nightmare. I have been recording, mixing and producing live bands for nearly 20 years. There are a few simple truths to follow.
#1) There are no textbooks on how to acheive the perfect live sound. That comes with experience, a good ear, a
clear vision of where you want to go with the project and a solid understanding of what tools to use to get that golden sound. I am still embarrassed to listen to my first 20-30 live productions. Most of them I gave refunds to.
#2) you can't fix a bad signal. Crap in is crap out. You can't work with an overloaded mic, so watch you levels and use a good
limiter.
#3) cheap compressors sound cheap. Anyone with experience will agree you can hear the difference.
#4) whether it be external hardware or software, know your equipment, what you can get out of it and how sparingly to use it. Over-produced Live recordings sound fake and lose the feel.
#5) mix each
track separately. Part of mastering is putting the flow of the show together. You can use "jumping off points" as a starting place but be flexible. What works on one
track might ruin the next one.
#6) never master in the same room where you mix. Depending on your experience and skill you might be better off hiring this out.
#7) don't work long hours looking for the payoff. You'll end up with ear fatigue and hate what you've done when you review it tomorrow.
#8) multi-band compressors, good quality eq's and patience. Remember, small moves can make a big difference.