Thats pretty much correct, mostly only with minimal settings.
I suppose busses is more accurate than each individual channel, for example the percussion and drums will be bussed together and the tape sim put over the drum bus, here are a couple of examples:
Drum example 1 is mild tape simulation (voxengo's AFTapeBus, Convincing Drums preset)
Drum example 2 is strong tape simulation (voxengo's AFTapeBus, Smashed Drums preset - I have slightly tinkered this one though)
Both demos have the 4 Bar Loop drum sample (Stylus RMX) dry first and then wet (with only Voxengo's AFTapeBus)
I have tried to manage the levels properly so you don't hear any increase in Gain, just the preset...
Was going to put the UAD Precision Limiter over it, but that would just be dangling the carrot on a stick!
Overall I think it would be fair to say that most VST Tapesims can give a nice sound whilst not really catching the true essence of Tape Saturation.
Drammy