[0.02c hitting the table]
Given how [comparably] inexpensive good quality digital recording options are, why the need to go back to tape? From what I can gather (this may have been covered - I haven't read through all the posts first) the media itself is fairly expensive and will obviously deteriorate fast if not kept under certain optimal storage conditions.
I would have thought the maintenance on the devices themselves, ensuring that the tape tracks at the correct speed with the required amount of tension across the heads and everything would be an ongoing nightmare!
The only sound reinforcement benefit I can think of of using tape nowdays for your average semi-pro studio is the ability to record really hot without creating horrible distortion - especially if you're recording a loud punk or grunge band. The magnetic tape just gets fully saturated and can't possibly hold any more sound, so it kind of naturally acts as a limiter of sorts.
I'm not speaking through experience with analogue tape, by the way, so I undoubtedly don't know what I'm missing in terms of what tape can offer in terms of warmth and ease of use. I do occasionally use a DAT machine to record my finished mixes onto, but that's only as another alternative to CD (in case there's been a problem with the burn)
I'm thinking purely along the lines of whether or not you'll still be able to get replacement parts in the next 5/10/15 years. Need a new HD, go and buy one off the shelf for $80. Need to replace the tape heads, hmmm.......??
Editing on tape (as has been documented through decades of use) would also be fairly difficult compared to the cut & paste simplicity of the digital world, unless you intend to fly everything into a computer to mix the song, in which case, aren't you then just using the tape as an effect?
Rather expensive effect, eh?
Anyway, just thought I'd throw my thoughts into the mix.
Whatever you decide to do, I hope it works out!
Dags