having never recorded bagpipes, I'm only offering speculation here, so take this with a grain of salt.
If you're looking for a stereo recording, I'd look into one of a few 2-mic stereo techniques. If you've got a good room, you could use a Blumlein pair or spaced omnis, to capture some of the room sound as well as the instrument direct. If the room doesn't sound very good, I'd look at a coincident pair, or near-coincident pair of small diaphragm condensers, relatively close to the player (at least the length of the longest pipe away).
I'd probably shy away from trying to mic individual parts of the instrument unless a 2-mic technique has a noticeable lack of a particular part of the instrument (a la spot micing during classical recording).
I'm curious to hear from anyone who actually has done this...
-mg