It depends, you can 'red line' during the actual production stage, because 24bit audio has allot of headroom (bad practice tho!), but if you then bounce that down to std 16bit WAV, it will clip to fuk and sound like shit
Use abletons Utility plugin, to reduce the volume, or better still, reduce all the channel volumes (you can select them all and bring them all down at the same time, be careful of any processing that requires on post-fade levels tho)
Limiter is not the right way to deal with volumes that are too loud