I am doing this right now. I am using REAPER, the SWS Extensions help immensely with the snapshot feature. The very first song on this project took me FOREVER to get to where I was halfway satisfied with it, but once I got everything dialed in, I made a snapshot and just pasted that on the next song and went from there. It's pretty effective.
There are a fucking shit ton of tempo changes in each song so it was way easier for me to track in a separate project for each one. I much prefer keeping everything in one project if possible, especially when it comes to cleaning your project directory...
One thing to keep in mind is to mix everything, render the mixes with nothing on the master/stereo buss, then import all of those stereo mixes into one big session to adjust levels between each song, the sequence, and all master buss processing.