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Re Levels...if the applause is way too loud....find your loudest peak (music without applause) and make that your high point (-4ish)...then you'll have to mix your tracks down when the applause kicks in so that they don't peak at more than -4....don't use limiting for this type of music.
Re noise reduction....I'm afraid there's not much you can do that won't make it sound worse IMO....it's a live recording...people were making noise around you...you.can't change that....maybe next time try a closer micing situation...a stereo pair over the musicians can be very nice
Maintaining 3D panorama....don't use limiting, noise reduction plugs or drastic eq.
Good Luck.
Nick
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