I'm 99.999% sure that any audio interface that lets you record at 96k will also allow you to record at 88.2.
I'm also 99.999% sure that it is better to work at your target sample rate or an even mutliple of your target sample rate than to work at any other sample rate. "I heard" is not a good enough reason. Go do the math, see how well 96,000 divides into 44,100. Every sample in your final mix will be created from 2.1768707... samples... That's some ugly ass munging going on there.
Now realize that that ugly ass munging of numbers will affect your music if you convert your sample rate inside the computer.
Bit depth is a different story: there are some excellent dithering algorithms out there that make the conversion from 24 or 32 bit to 16-bit relatively tasty (Apogee's UV22, Waves' IDR, Digidesign's POW-r Dither). The added advantages of perfroming mixing and plugin calculations at a higher bit depth are more apprent than the effects of reducing to the target bit depth. In this case, all you're really doing is removing least significant bits and masking the artifacts, you're not trying to mathematically squeeze 2.1768707 samples into 1 sample.