Well, first off we have a drummer running the show! That in itself means certain doom!!!

(heard my drummer joke before? I will tell it till drummers learn to be on time!!! hehe)
What I am trying to say is that I doubt you guys have a gear setup, room acoustics in the control, nor experience to make critical assessments about the sound at tracking time without REALLY checking out how those decisions will sound down the road. Ultimately, when it is done and average John Doe and his wife Jane play it in some cheese ass AIWA bookshelf stereo system that enjoys a VERY different response curve, in yet another room that is just shitty for sound. You get what I am saying?
So, lacking the knowledge of just HOW your stuff should sound to tape, don't you think it would be a shame to spend a bunch of time doing all these potential eq tweeks, only to find later that they don't sound worth a shit in the real world, and that they might have actually made the sound worse rather than better? Not EVERYTHING can be fixed with eq at mix time, and a bad sounding track with eq applied just sounds like a bad sounding track with eq applied.
What I am saying is that you should CHECK SOURCE SOUNDS while you are doing them, before you commit to recording an actual take. This way, you can see IF the sound even works at all and make adjustments BEFORE you spend a lot of time going for good performances. Comprende? (sp? LOL)
So, mic up your drums and make then sound what you "think" is the greatest drum sound in the world, then record him playing a bit. Mix that to a CD and play that CD on a car stereo, boom box, home stereo, and even Walkman and hear how it sounds on all of them. If the sound is acceptable, and/or the best you think you can get it, then you can start recording for an actual take of the song.
I just get this funny feeling that if you don't do this that you are going to be sorely disappointed at some point down the road. You will probably post something in the Mixing Clinic here, and I stumble upon it and take a listen, and whamo!!! I tear it apart!!!

That would be sad wouldn't it? Especially if you could have CHECKED THEM SOUND OUT BEFORE YOU COMMIT TO THEM!!!!
You are going to take those tracks to what I am assuming is a mixing engineer who your feel does KICK ASS mixes (hopefully, you have listened to a BUNCH of his mixes, especially ones that he has done for people who have tracked their own stuff like you guys are doing....I mean, you wanna know if he can handle mixing something he didn't track too right?....

), and you are going to PAY this guy. Thus, you are going to have EXPECTATIONS that it will sound KILLER. But, you may have tracked it all funky and this poor guy is going to get these tracks and think to himself "Oh boy, what the hell am I going to do with this garbage?".
Now, the above scenario MIGHT not happen. You just MIGHT know what actually sounds good through your studio monitors and will track it really good. If THAT is the case, quit your day job and apply to be an engineer at the Record Plant in LA!!! YOU have arrived as the greatest engineer in the whole world!!! But, I just have this funny feeling that since you are asking about EQ to tape that you might not be too up on micing techniques and what not. You claim your last project come out "okay". Okay for a demo? Okay for a local release? Okay in that it sounded as good as Tool? What do you mean by "okay"? You give the tone that you might not have been all that happy with it last time, yet you are going to go about it the same way as last time?
Tracks mix themselves when they are tracked well. The goal in tracking is to make it so that at mix time you can just turn the fader up and the sound holds it's own in a mix quite well without anything fancy applied to it. Maybe a tad of compression to tame some dynamics, or maybe a slammin' compressor for a certain effect....maybe a bit of eq to make it sit that much better in the mix, or maybe a lot of eq to create a lot of phase distortion in the sound. Maybe a bit of digital reverb to add a bit more ambiance to the sound, or maybe a totally big huge gated reverb like that Phil Collins sound. So many options, but you want to make sure that you track as close to what you want it to sound like in the end as possible! It just works out better that way.
The decision to use EQ can ONLY come after you are SURE you need it or not. Generally, many tracking engineers prefer to move the mic to catch the sound a bit different if they don't like it, or even just try a different mic. Applying EQ while tracking is usually the LAST thing an engineer will try (hehe...even ol' John Sayers will avoid it if he can....sorry John, thought I would bring you up in this you tracking eq fiend you....

) I often will track with a little eq if I have an eq that is worth while. Usually, this applied eq is in the form of a bass roll off, or maybe just a tad of "top end" to something to make it shimmer a bit more. But it always sounds better if I can find a sound source and/or mic position solution rather than eq. I am betting that you are going to use a low end mixer which probably doesn't have all that great of eq's anyway. And since you are all musicians playing in a band, you are all deaf anyway....

So, you shouldn't trust your initial impressions of the sounds. Do as I prescribed above and you avoid down the road the heart ache of bad sounding tracks that you worked so hard for.
Good luck.
Ed