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Well, frankly there's no ABSOLUTE right or wrong. But the way I mentioned is the common method.
Of course if you want to use a different delay time and different reverb settings for every individual channel, then inserts are the best option, but it doesn't happen very much.
Usually, you'll have two or three delays and reverbs (usually one short, one medium and a long) that are common for the whole mix.
If that's the case, then yes your method is very hard on the cpu. Let's say you have 24 tracks, which you all want to delay and reverberate (it's an example). In your case you'll have 24 delays and 24 reverbs. Your cpu will not be happy.
Let's say you only need those three settings from above (short, medium, long, both for reverb and delay). With aux sends, you'll only need 3 delays and 3 reverbs... Much less strain.
I gotta say, I prefer the method of FX sends used in SX 2, but the SX 1 method is still decent.
First you need to decide which effects you'll use as sends. There's a dedicated window (VST sends I think) where you put effects in as send destinations. For example let's say you "install" a reverb in slot one and a delay in slot two.
You have an audio track, which you want to put the reverb on. You go to the sends panel of that channel, and select the reverb in one of its slots (if you didn't put any effect in the VST sends window, you won't be able to select an effect to send to). Usually, reverb/delay sends are post fader. Then you adjust with the slider (or knob, depending on the view) how much of the signal you want to send to the effect (hence the name send). In SX 1 you have an "automatic" return level, meaning you have to dose with your send level how much effect you want. With hardware (or with FX channels in SX2) usually your return level has another level so you can still adjust the dry/wet balance further.
About the T and D's in measures, they influence on length. Music theory is not my forte, so someone will probably correct me on this but
D means dotted, and indicates that the time of the note is one and a half time the length of the note without the dot (so a 1/4dotted note lasts 1/4 + 1/8 = basically 3/8 notes long). You can have consecutive dots, and then I think each dot adds half the length of the previous dot. A dot makes the relative of a note longer.
Triplets... The term triplet means a group of three notes played in the space of two: for example, an eight note triplet would last as long as two "normal" eight notes.
Usually when you use straight times on a delay, it can sound mechanic (each delay on a beat for example). Dotted lengths and triplets can give a different feel. Just try to use a simple sound you send to a delay and try the different options. You'll hear the difference.
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