I have most recent CW version. I started out with Sonar 100 years ago (:
I have multiple tracks with short Guitar parts. They each have 3 effects - IK Amplitube 5, sonitus compressor( used as a limiter) and Sonitus gate. Most tracks have these adjusted slightly differently.
Because I have multiple tracks set up like that it started to affect the performance, I'd take a track - duplicate it (so my original track is left pure). I then apply the effects and have them deleted from my copy