Dual Mono = Stereo?

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My recent purchases of EQs and compressors and such have been mainly for 
mono units due to how expensive they are. I'm saving to pair up some of 
my units like the Distrssors and API 7600 but in the mean time I've been 
tracking in mono. Fine for drums and some mono synths but I find I've 
been needing that second channel more and more. I've thought about 
tracking one channel at a time but how much of an impact will this have 
on the stereo image and how accurate would this be? Is tracking/mixing 
one channel at time then panning them left and right equivalent to 
tracking/mixing in true stereo?

Larry