Learn about delay/reverb last. Work on volume, EQ, and pan first. Trust me; I've heard way too many sloppy mixes where effects only served to muddy things up with the hope of bringing cohesiveness to a horrible mix. True, effects used properly will warm things up and seem to connect the mix together, but a mix without effects can sound very good, while a mix with poor EQ and volume adjustment will always sound bad.

One thing to consider when you're trying to give each instrument definition; does the instrument need more volume, or just different EQ? If you can't hear the acoustic guitar, maybe it doesn't need more volume, just a little more sparkle on the top end. That's wy the question can't be answered with ratios and proportions like in the way you're asking it.

[This message has been edited by FAEbGBD (edited 05-08-2007).]