Using my eight real time inputs with everyone in the room looking at each other:
6 mics on drums
1 bass -- direct; can go back and use an amp if needed.
1 scratch vocal - standing in the corner and singing softly into a 58 so not to bleed into other tracks
Guitarist plays along through an amp sim into the monitor mix but not recorded; record later with his marshall stack or whatever; can add keyboards to the monitor mix as well.
What I end up with is a drum track and possibly a usable bass track and hopefully capture a basic rhythym track that captures the band playing as they are used to -- together with visual cues, natural dynamics, etc. Seems to work even with my limited resources.