Single Status Update
Beyond that, actual sound design stuff usually involves deciding what kind of sound I want. A stiff, almost artificially in-tune sound or a more honky-tonk sound, and adjusting that. Deciding on whether to boost or reduce any particular overtones. Deciding how much mechanical noise I want in the sound (hammers, dampers etc). Deciding if I want to screw with other stuff in the sound. The randomize button can provide some inspiration.
Of course, then there's mic positioning and the new effects pane, but I usually don't screw much with the positioning anymore, and haven't yet looked through the new effects. The compressor is worth looking at. It's better to reduce the level of the instrument than to have heavy compression on it. If you find that the compressor doing too much, lower the level and/or increase the compressor threshold.