Tony,
The major drawback to recording everything in one shot, though easier, is the total loss of individual control. It can be done, but then the same amount of work has to go in beforehand with the onboard mixer.

A thought to keep in mind, is that if one shot was the cool thing to do.....pro studios would do it and they don't.
Terry

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jam on,
Terry http://imjazzed.homestead.com/Index.html