Dave, I think it’s pretty obvious by now, but MrSoundman and Arjan are right, their method is the more professionally acceptable these days (recording flat unprocessed master files from the source) and then applying processing to those files. As they’ve said, that you can do in Elements. It just generates twice as many files, and some still prefer to pitch and catch with all processing and be done with it, as in the days before workstations. But as they’ve said, in many ways the Elements method of flat recording and then rendering with plugins is more future proof. (since you can always go back to the flats at some time in the future, and re-process).