Well, since nobody has brought this up yet, I will, because I think it always needs to be refreshed in threads like this, obvious as it may otherwise sound.
The VERY best way to get the most bang for your studio buck - analog or digital - is to BE PREPARED. And once you are prepared, prepare again. Treat it like if it were a live televised gig for the Presient of the World with no editing, do-overs or other safety nets available. You got one shot to get it perfect.
Of course in the studio, you have more than one shot and will probably take a few; but you should go in pretending that isn't so. Don't consider the convenience of recording and editing as slack or a buffer to be used as a tool in your recording process; instead consider it more like a "use in case of emergency" fire extinguisher.
I'm talking attitude more than actual reality, of course, but the point is that studio time should be spent as efficiently as possible if you want to keep the budget down. This means keeping the mistakes to a minimum, getting the chances for serious malfunction as close to zero as possible, prepping you gear as completly as possible before walking in the studio door, and having your material and arrangements down so cold you could skate on it.
First the gear: Make sure that before you even walk into the studio that your strings are fresh, stretched and tuned, that your skins are tuned perfectly (and I mean perfectly), that you tubes are solid, your batteries are fresh, and that all your line cables and patch cords are solid and noise-free. etc. etc. etc. Bring extras of everything with you.
Second the material: You're playing live for the President of the World here
. You and your gang should have the arrangenemts and timing tighter than Ann Coulter's sphincter, and should be able to play the stuff backwards in you sleep without error before you walk in the door. While the studio can often be a setting where some creative changes bubble up or one hears on playback that an arrangement just doesn't sound as good on tape as it did in the rehersal space (and that's all perfectly fine, go with it and make what changes you want), don't
plan to use the studio as the place where you make your final decisions or where you
plan to try 5 different alternate takes of a keyboard solo. Every time someone even asks a question while on the clock is at least another 5 minutes of studio time, and usuallly more. Ask the questions and get as many answers as you can before you go in.
HTH,
G.