scott,
welcome to
RP.
i dont know that i can put when down to a rote process. every image is different. but then i mostly do restorations rather than retouching. and in restorations, you often need all the detail you can get. noise removers tend to blur. so, i normally dont do noise removal till i've found all the detail i think i can get out of the original image.
in retouching, you normally have a better image to work with at the start and you arrive at the de-noising step a lot sooner, just because the detail is already there and you want to clean things up a bit before the retouch. so, i would thnk earlier on, though not necessarily as the first step. if you have to do color correction and re-alignments and any manipulations, i would think you'd still want original data in there for those.
so, i guess what i'm saying is, in retouching, you want to make sure you have all the original data of the image for those processes that need it and then de-noise. de-noising is semi-destructive, so it's rarely my first step, regardless of retouch or restore. so, do all the things first that need the original image data and then de-noise.
but there's always exceptions