Yes a very helpful way to handle multiple chars. I also use Addon Control Panel which allows you to make "sets" of addons to enable/disable per toon within game. Helpful to diagnose issues.
I would start with the addons you feel you must have, set them up and check performance when running multiple toons. I use Elv UI (a version of tukui) and find the memory usage and performance pretty good with 5 toons. I add a few other mods as well. I wouldn't mind going back to complete default but I like the looknfeel UI compilations have.
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