For noise reduction, I would go with a dedicated plugin... there are several out there. Maybe there's even one in your TC bundle. They grab a signature of the noise which makes it easier to deal with...
Sony Creative Software - Noise Reduction DirectX Plug-In 2.0
Expensive!
High-resolution audio noise reduction plugin - Redunoise - Voxengo
Use this as a VST in Cubase. Voxengo products are first class.
BIAS SoundSoap Pro
think this one is standalone. BIAS is a great name in audio.