How about the scheme where you would select all the audio on Audio 1, then open the Audio Mixer and adjust the Audio 1 Volume for all the selected clip all at one time?
Add On...Although the example given above mentioned Audio 1, the suggestion would be applicable to the Soundtrack.
There are several methods for attenuating Audio. This article mentions most: http://forums.adobe.com/message/3472343#3472343
The global method will be through the Audio Mixer. One can also use that to automate Volume changes.
Thanks Bill and ATR.
I found out that I don't have to select clips. I can play the entire timeline and reduce the clip volumes to the desired level. Thanks again.
You are most welcome. I could not edit without the Audio Mixer.