I record everything in mono, unless its something that really needs to be in stereo.
For example, guitars, all in mono, 4 mono tracks, then afterwards I pan 2 left 2 right. You dont want guitars in stereo unless they have a stereo effect. You record the same guitar to both left and right at once and it will sound a bit sucky by comparison. Also it would sound no different if you just recorded it in mono and just copied it, using one copy left one copy right. It wouldn't sound too great tho.
Same with drums, Snare in mono, bass drum in mono, ride in mono, crash in mono, hi hat in mono, each tom in mono. Then you set the pan for each one afterwards. Gives you a little more versatility with panning. If you record an entire drumkit as one stereo file, and you decide your hi hat is a little too far to the left for example, there's nothing you can do about it. Record everything as a mono source and it gives you the most versatility for panning afterwards. Same goes with guitar.
Although, if you had a guitar with, say, a stereo chorus effect, and you wanted to keep the stereo effect, then you would record in stereo. Although again, if you recorded 2 mono instead, 1 for the left signal, and one for the right, again you would have a little more versatility.
Its basically all about the source. If the source is a mono source, then you don't need to record it in stereo. That includes drums obviously if you think of each drum piece as 1 mono source.
None of that would impose any limitations. However recording in stereo may in that you can't mess with it afterwards as much.