Folder Tracks

Am I understanding this correctly? If you have a single performance recorded with two mics as in the case of a close mic on a guitar cabinet and a room mic for the same, if you make the close mic track a folder track and the room track the last track in the folder, you can control the overall volume of both tracks (relative to the balance you have created) via the close mic track?

That is correct. However, the children are routed THROUGH the folder/parent. I recommend creating a new empty track, and use that as a parent/folder for both guitar tracks. This way you can control each track separately (including gain, eq & other fx), and still have control over BOTH tracks through the folder/parent.

Instead of using folders for your multiple guitar mics, you may want to try what i do. I often record multiple guitar mics to a stereo, 4 or 6 channel track (thanks, reaper 4! ) so that I can edit the performance as one track, and then route the track's channels to separate tracks for eq, fx, etc. It works great, with the only drawback that if you use more than two channels, it becomes difficult to see the waveforms for editing. I think I'm going to submit a feature request for switchable waveform display, unless anyone out there knows a way to achieve that that I haven't noticed. If you're only using a stereo track in this way, the JS chanmix2 plugin works well for sub mixing and panning without routing to other tracks. I often use a close 57 and a close ribbon on a stereo track, and balance them with the chanmix2.