Hi Jonathan,
I'm running Pro Tools|HD myself but the workflow should be fairly similar. However there isn't a single way of doing things - it rather depends on what you want to achieve. Personally I mainly use individual VI instances but then I'm mainly adding just a dozen or so orchestral instruments alongside audio tracks. I use VE when I want a larger arrangement and especially when I want to use the special panning features (which are terrific).
So you need to think first of all about whether it's going to be better for you to use individual VIs or one or more instances of VE. Essentially VE acts as a kind of submixer (it also has various technical advantages in terms of accessing more RAM under certain circumstances but best not get into that just yet) and, as I say, it does have the excellent power panning feature. Plus some people like having all their VI instances inside a kind of wrapper.
Can you tell us what kind of arrangements you're aiming to achieve? Then I'll try and offer my personal opinion (which is all it'll be - you'll need to work out for yourself whether it suits you) on the best way to go. You can always try out both methods and see which you like best.
Anyway, let us know a bit more about what you want to do and I'll try and offer some ideas.
Regards
Nick
Mac Mini M2 16Gb RAM 500Gb int. SSD 2Tb ext. SSD Pro Tools/Mixbus An awful lot of VI, Synchron-ised and Synchron libraries, amongst others. VSL user since 2003.