The M208 is a 4 buss mixer so only 4 individual tracks can be assigned to record at any one time.
If it had direct outs, which it doesn't, or if it was an 8 buss board, which it also isn't, then the answer would be yes.
Now, if you're really in love with the M208 and still want to use it, you'd have to get creative by making use of the direct line inputs on your 80-8 and plug things like keyboards and drum machines in directly to the recorder along with the other 4 recording busses from the mixer for microphone connections and then still be able to do a cue mix through the M208's aux mixing system which is a mono 8x1 sub-mixer. That would allow you to hear everything while you're recording and create a basic mix to hear your way through that. The far better option though would be to find a fuller featured mixer which had either 8 recording busses or direct outs. The M-208 was designed more-so for the musician who was overdubbing a couple of tracks at a time to build up the recording.