Travis,
If you do decide to purchase the Mr-8 for this situation, I strongly advise that you at least purchase microphones for your drum set (although you can only use 2 at one time). Maybe a good condenser mic for drum overhead and a AKG D112 for the kick drum.
At this poit even if you buy a couple mics you will have to discipline the band to be able to record each part seperately i.e drums first then bass then guitars etc (remember you can only record 2 tracks at once using the MR-8. You can always use the internal click track to lay bass and guitar parts down first then have your drummer play to the click and the recorderd instrument parts (kinda backwards but possible) Or you can have your drumemer lay drum tracks along with internal click track first (but it isnt very fun to play drums without other instruments)
If your drummer cannot play along with a click then all bets are off. This machine is really meant for overdubbing. It soundls like you would rather do a live recording which is ok but to use the MR-8 in the fashion that you suggest you might as well use a boombox with a microphone and cassete tape instead (hey I did that for years
Another option is to use the MR-8 along with a mixer so that you plug your whole band into the mixer with microphones then send the stereo mix out to record the left and right (2 tracks mind ya) of the MR-8. Do you guys have a mixer?
If not, I would go along with the other guy in suggesting purchasing
a VF16 or something meant to record more than 2 inputs and tracks at once, then again you will have to still buy nice microhones for the drumms, guitar and vocals to be recorded decently.
Recording a full live band is a very difficult and expensive $$$. Look on EBAY for used Tascam (and Fostex) analog cassette tape 4 tracks. I have a old
Tascam Portastudio 464 that can allow up to 10 or (was it 8?) inputs at once! And they are going used for just over $150. Then you spend some money on so micophones!
Hope this helps.
Oh and to be honest the memory issue with the MR-8 will drive you nuts unless you have a pc to back up tracks or a lot of $$ to buy more CF cards, boy I feel like I am going in circles.
Don't get me wrong I LOVE my MR-8! Just know what you are buying. You are doing the right thing to ask around
Clif