Depends a bit on the kind of recording and as to whether the live room is a "good" live or a "bad" live.
The advantage to the dead room is that you can wetten your racks with your own reverb as necessary, or leave them dry if you like. The caveat there is that you want to have some decent reverb in the form of either a quality box or, if in software, a good impluse modeler.
Ideally, I'd put the recording gear in the dead room, and then have long enough cables to be able to choose between the two rooms for any given instrument.
G.