normally do very similar steps to whats been said but also just keep spec map in mind when I'm making my diffuse, so I mark up some layers to be used in spec etc. It's easier, for me, to work on spec and diffuse at the same time.
I do basically the same thing as Pior. AO bake, Crazybump pass over the normals, always forms the basis of my specular. I tend to use layer masks for most of my texture work so instead of doing a Levels pass on the diffuse, I'll just make new layers using the same layer masks, fill them with appropriate colours, then…
ImSlightlyBored: That was Tinman your refering to, I know cause I saved the text :p This is what I had saved in my notes on previewing spec: "Place spec map in a layer_set over the diffuse, and set the layer_set to color dodge. While painting the spec you'll see approximatly how hot that surface will get with specular,…