Well, if the 3340 is in working order, I think you'll definitely enjoy recording to it more than the Portastudio. The only drawbacks are:
1. It requires an external mixer
2. 1/4" tape costs significantly more than cassette tape
Depending on how much stuff you're going to be recording, the bigger drawback is probably #1. If you had a more full-featured Portastudio, you could use that as the mixer, but the Porta 02 is pretty bare bones and will only let you get two channels in or out at a time, so you can't use it as a mixer for the 3340.
If you wanted to record 4 tracks at at time, then you'd ideally want a 4-buss mixer, though there are ways around that. It just usually means having to re-patch for recording and listening, which is kind of a pain. However, if you only have three mics total I'm guessing you probably won't be recording 4 tracks at once (unless you wanted to go direct with the bass or something I guess).
If you only needed to record two tracks at once, then a simple 6-8 channel mixer for around $50 would do, such as one of these:
Soundcraft Notepad 102 Mixer | Musician's Friend
Behringer XENYX 802 Mixer | Musician's Friend
If you can't afford to do that, then the Teac 3340 really can't be used at this point, and you'll have to continue tracking to the Porta and bouncing.
If you're doing this solo, and you're going to be playing all the instruments, then I'm guessing you definitely won't need more than two tracks at once, and that would maybe only be for a stereo recording of something (like drums maybe).
Do you have any effects at all? Reverb? Delay? Even guitar pedals are better than nothing.
If not, you'll probably need to get creative by recording in a bathroom or a garage for some reverb maybe.
If I had to record with
literally nothing more than you have mentioned in the previous post, this is what I would do:
First,
Buy this book and read it!
Amazon.com: Using Your Portable Studio (9780825614378): Peter McIan: Books
Do this right now! You can get it used through amazon for under $5 including shipping! This book deals with exactly what you're dealing with: getting good sounds by working around gear limitations. It's filled with all kinds of excellent info.
Having said that, this is what I'd do with your gear limitations.
1. Track 1: Record the drums by placing them in a somewhat live setting if possible, such as a large bathroom, garage, or a living room with wood floors. Since you don't have a mic mixer, I'd probably just record the drums mono by placing the Shure condenser a few feet out in front of the kit about chest level (standing). That will help to add a bit of ambiance.
2. Track 2: Record the bass in a carpeted room through an amp (if you have one) turned not too loud using the condenser a foot or so out front with some blankets on the floor in front of the amp. If you don't have a bass amp, just run the bass direct in and record it that way.
3. Track 3: Record the guitar by miking the amp with a dynamic 6 inches from the grill and the condenser several feet back. Do this in a live setting as well, like a large bathroom, garage, etc.
4. Track 4: Record the organ by miking the amp in a similar method as the guitar.
5. 1st Bounce: Pan the tracks as desired and adjust the levels for the first bounce to the Sony R2R. Remember, you don't have an EQ on the portastudio. I couldn't find any info online about the Teac A-20 EQ you listed, but if you can patch it in line between the Porta and the Sony R2R, you can use it to make general EQ adjustments during the bounce to the Sony.
Once you're satisfied with the bounce, bring the stereo mix from the Sony back to tracks 1 and 2 of the Porta. Be sure and fast forward the cassette to a spot after the 4 original tracks. This way you'll still have them as a backup should something go terribly wrong down the line.
6. Track 3: Record the piano in a live environment with the lid open using the condenser mic a foot or two away from the strings and aimed at the general area of activity (i.e., the keys you're playing most often).
7. Track 4: Record the vocal in a fairly live setting if possible. Since you don't have any effects to add, you'll need to add the ambiance the natural way. A master bathroom might work nicely. What I would do is try using two mics: the crappy dynamic close up and the condenser several feet back to help add some ambiance. I know this sounds backward, as condenser mics are almost always used for vocals, but if you don't have any reverb to add, it's going to be loud and proud and dry and somewhat unnatural sounding compared to everything else. If you don't have a pop filter, I'd make one with a coat hanger and some panty hose (you can see how to do this online with a quick search) and use it on the close mic.
Geez ... you know what. I just read up on the manual of the Porta 02, and I just learned that you can't record more than one source to one track. You can record mic A to track 1 and mic B to track 2, for example, but you can't record both mics A and B to track 1, for example. So ... disregard the multiple mic advice for the guitar, organ, and vocal. Just use the condenser on the vocal and try it in as live a room as possible. You should still use a pop filter.