I'm a studio enginner.
There isn't one good way to go, when mixing!
You should start setting the levels, and then using the panpots, so you can have an ideia about what you want to do. ONLY YOU know what's the final sound you're looking for.
At this time you can even burn a CD with the mix to compare with the final one. it's a very good trick.
After that first step you can start using EQ, Compression and then delay and reverb.
Of course you can, as said, starting by the drums and the bassline, but sometimes it's a bad choice, because you can't mix properly this channels with the rest. Never forget the lead channel! starting by it is a good choice!
I hope I helped a little bit.
If you have any question feel free to mail me at lois_santos@hotmail.com
Luis Santos