AL this is an excellent question and to be honest there is no right or wrong answer on some thing like this.
When I make decisions like this I always pretend I have $1 to spend and the goal is to spend that dollar in the area were it will do the most good. Where can that dollar effect the quality of the recording the most. Now of course the problem is the decision on where to spend that dollar will vary based on the last piece of gear I purchased. As you add more gear the priority changes.
But more specifically, a lot of mics will sound differently given input impedance of the mic pre, the cable, the loading, all kinds of things. People take this stuff for granted but it does have an effect. Leaving all the technical details a side for a second....
Extremely important point a lot of people do not understand about mic preamp quality. First of all a lot of the low end mic preamps on the market are no better than the ones in the console you already own. I see a lot of people on forums recommend a new mic pre for no reason. Mic preamps are trendy and the low end is flooded with so-so products.
The quality of a mic preamp can not be truly determined by simply comparing a single channel of one pre against another. I have seen a lot of blind shoot outs were a Mackie mic preamp will beat a more expensive product. Most people do not understand the difference between a $200 and a $2000 mic pre is most evident when you are listening to 24 tracks made with that preamp. This is what separates the men from the boys. Its the quality of the collective tracks that will make the difference.
Al, your example of the Grace is a little different because you are talking about a mic pre that is really a $700 product. The sub-$1000 product is generally a lot different than a sub-$300 mic preamp.
My advise is usually to buy gear that you can live with for 20 years. Now this doesn't mean you will keep it that long but think of this stuff as an investment and you want gear that will last and continue to have a place in your rack even if you buy better gear.
In your situation if you only have $2000 then you are already limited by what you can do. This is not a put down or a judgement but no matter what you do you are going to get a $2000 sounding setup. But with good technique, paying attention to details and being creative you can produce some pretty darn good stuff now days.
If I were in your situation (given the limited knowledge I have from your question) I would keep my eyes peeled for a good deal on a used high quality mic preamp. The Grace is a nice piece of gear but if I only had one (what I call my desert island pick) my personal preference is sound of
a Neve 1073. I think its much more versatile than the Grace and others of that design. I would put $1000-$1300 aside for the highest quality I can afford in roughly that range. You could actually get a single channel Great River for $975 new so this is one option.
Then I would invest the rest in 2 decent mics. Now this will depend on what kind of music you are recording but with one large diaphragm condenser and one small diaphragm condenser and a SM-57 you can record a lot of stuff. Again try to buy the best quality you can afford and assume you will keep them for a while.
Al, I don't know if any of this make sense and I apologize for rambling on and on. I know these are not easy decisions and you want to make every dollar count.
Lee
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