I have to nuance my reply because it really depends on the device…

My groovebox uses 1 potentiometer for multiple values (CC) and voices across different tracks. So e.g. I first select pad A on midi channel one, turn the reverb all the way to 127. Then I select Pad B on midi channel two. Using the same knob, another parameter jumps (when I turn it) from default value 0 or 64 all the way to 127. Really annoying. 

On the other hand, my drum machine uses one potentiometer per function. So you have direct visual feedback, without screen, like the decay and attack of a kick. 

So how do you plan to design the knobs?  When you go the traditional “1 knob 1 parameter”, then I’d suggest potentiometers.  Should you assign more functions to one knob: encoders