Correct.
Kit level +10db. (This will hit the soft clipper)
Instrument gain, to suit.
Instrument fx, saturator (can be tweaked infinitely to hit certain frequencies)
Overdrive (same) I personally dont like the distortion, comp+drive is also nice
Master fx compressor (very important, more gain here) blends everything together.
Accent - level around 130, place accents to compliment your beats, spaces are important too.
What fx you use is going to be genre dependant.
Heres an example. Stock 707 kit, followed by my edited version of it, TR8S only, no other gear or processing. I used the methods described above.