One thing I found that helps is to take your time and go through every single preset in your VST/sound library/etc and put the sounds that inspire you into a "favorite sounds" folder...This way when you go to make a new track you already have sounds you like at the ready without having to waste time trying to find a good sound during the creative process

Takes patience but it's worth it..I found some diamonds in my libraries that I never knew were there. This is also an excellent cure to Producers block.



www.OfficialMajesticMastermind.com

I totally agree, there's absolutely no reason not to know your entire library of timbres, even synthesized ones (in this case, you'd get acquainted with the instrument's parameters for synthesis).
Knowing how they interact as well - how the 'layering' or 'sweetening' of timbres can be used to create new sounds.
The sounds you pick can make or break your arrangement. When you're not familiar with your library you can waste a lot of time hunting for 'that sound' for a particular voice.

Please pardon the unrelated note.
In a marketing sense, don't you think it's a bit pretentious to name your commercial persona as "majestic mastermind"?

Definitely a good idea! The only thing to avoid is only going to your favorite folder after you have it all set up. Still keep digging and stretching patches in new ways.