No, my pink noise hits -12db on the channel meter where it sits on. It gives me the headroom that i need for mixing.
When it comes to Busses, I have kinda like the same setup. A Kick parallel bus and one for snare, but also a parallel bus for all shells. I do very little compression on individual drum tracks, just kissing it. Compression whise, I like giving the drums it's character with the parallel Bus.
I set up my own master bus and run everything to it except pink noise, that runs directly to the real master like my fake master bus. I do this cause when I mix, I have a compressor on my fake master that I mix into.
When it comes to ambience and room tracks, I always toggle the pink noise on and off when mixing. It is quite tricky to mix those cymbals and other high end instruments with pink noise. Just experiment, try what work best for you. after all it's nothing more than a reference track just like a song but more constant so that it makes focusing on levels a lot easier. And once I like my levels, I turn off the pink noise an actually have a reference in my session as well, that I use for sculpting my song, figuring out problem areas etc......
Let me know how it works out for you.