Even when correctly aligned, kick drums and the like will come back lower if you nail them to tape hard. Don't fret level discrepancies with over-recorded material, but punch-ins on guitars etc shouldn't be accompanied by major tonal changes or level shifts.
Other than that, you need to align with a reference tape (MRL, Ampex, Webber or similar) to a level which may -or may not- be 0VU. This way, you need to set the playback level alignment, then the frequency response. Don;t bother with anything below 250Hz if it's a full-track tape. (If it isn't a full-track tape, it's not a real reference tape and it should be used for guidance only.)
After that you send tone to all tracks at 0VU in, then monitor repro while setting the record gain in the ball park. Once it's close, you set the bias -usually at 10kHz, and OVER[/b] drop (NOT under-drop) the meter by the appropriate amount as determined by the head gap, tape tupe and speed. -Quantegy 456 for example might need about 1.4dB at 30ips, but nearer to 3.5dB at 15ips on the same machine.
Once the bias is set, adjust the record level for 0Vu on repro. Then set 10kHz and 100Hz for zero as well. -NOTE- the 100Hz adjustment should be on teh playback and NOT the record side; there shouldn;t be a record LF adjustment: if that's off you've got big problems! -The machine should now be about as close as it gets.
Remember that tpe can't handle peaks and softens them. For short, fast-decaying impulses, the result is that the needle under-reads on playback. For things like sustained, compressed bass guitar notes, punch-ins and input/playback switching should be transparent and seamless.
Keith