This procedure has become somewhat unnecessary since the introduction of the Music Production Toolkit, which increases the track count of LE or MPowered to 48 tracks, mono or stereo. I definitely recommend adding the toolkit to your Pro Tools aresenal. If you still need more tracks, or can’t add the MPT for some reason, here is the procedure:Use Ableton Live rewired into Pro Tools AUX tracks.
Always record and edit audio in PT. Then after all edits are done, consolidate the wav to the beginning of the session making them one big waveform. Name the region to make it easy to find, like “Live.Kick”, “Live.Snare”, etc. It makes them easy to find in the next step. Then make the track inactive in PT. and create an aux track for each audio track. Keeping them together like this helps you remember what’s what. Insert a separate Ableton Live channel for each AUX created.
Then you create tracks in Live linking to those audio regions directly in the session’s audio folder (“Live.Kick”, “Live.Snare”, etc.) The audio tracks in Live get routed to the corresponding separate channels on your rewire returns on each aux track in PT.
From there, you can add processing on the PT AUX track, and mix/bounce just like you would if it were an audio track.