Before sharing what I have been doing in many outings, I will remind anyone reading that the most widely accepted set up follows the Petzl recommendations:
and I certainly would suggest anyone to pay attention to them.
I am getting more and more comfortable using two strands of a static rope, tied at the anchor via two independent locking biners and a double figure-8-bunny-ears knot - one biner for each "earlobe" tied to a different bolted anchor, or sling around a tree, as the situation presents itself.
I use both strands tied to my harness loop via a locking biner and two side-to-side Micro Traxion devices. After coming across this post showing how twist-lock gates can be opened by the rope, I changed the configuration in the picture to a screw-gate pear-shaped locking carabiner.
At the bottom of the crag, I tie the ends of the rope to my backpack through two separate clove hitches and carabiners to passively help with the sliding up of the Micro Traxion devices as I climb. It's important that both strands are equally tensioned to avoid asymmetric sliding of the Microtraxion's with one of them ending up along the spine of the carabiner.
The two-strand set up offers redundancy, but also allows the Micro Traxion devices to stay parallel to each other, as opposed to in line as in here. I find that having the Micro Traxions one after the other on a single rope wedges them together splaying the orange casing of the top one.
In addition, and very importantly, we will likely need to lower ourselves at the end, or half-way up the climb. At that point one of the strands will come really handy in releasing the tension in the system to allow disengaging the Micro Traxion devices (impossible when loaded). This can be simply done with a Jumar, but I like to do things with as few devices as possible, so instead of using the Jumar (*), I tie an alpine butterfly knot on the strand that will not be used to descend to provide me with a way of placing a foot through it and stepping up on it to release all tension on the harness loop at which point I simply open the biner, leaving the MicroTraxion devices on the rope until I have all my weight on the descending device (GriGri or Munter knot). This is the picture alpine hitch on the non-descending strand ready to step on:
Naturally, before I disengage the MicroTraxion's I already have a GriGri or a Munter knot set up on the descending strand. The GriGri is most efficient, and easy on the climber and the rope, but I want to illustrate the Munter since it is the back-up system when the GriGri is dropped by mistake during the setup process.
This is the picture of the Munter before backing it up:
Typically, the Munter is backed-up with a mule hitch and an overhand knot:
After I release the Microtraxion's, I hold on tight to the loop in the mule hitch and compress from top to bottom the Munter to keep it from sliding down. It is important to watch for cross-loading on the biner, and try to get the loops of the Munter along the basket of the biner parallel to each other.
In addition, I do tie a second clove hitch lower down from the Munter on the descending strand of the rope also to the loop of my harness (tied below the HMS biner for the Munter with a self locking biner), which I disengage only when the Munter is already in rappel mode (i.e. after untying the overhand and the mule hitch). The clove hitch is more often than not the only "back-up" for the Munter (in lieu of the mule) because in practice if the backpack at the bottom is heavy, just tying the clove hitch is hard enough.
Before unfastening the overhand knot and the mule hitch from the Munter, I make sure to adjust this back-up clove hitch so that it is at some distance from the Munter in case this slides down a bit while disengaging.
(*) Carrying a Jumar is always a good idea, because the way out of a situation may be climbing up, rather than lowering oneself. In the absence of a Jumar, this can be done with two Prusik knots.