A bit of a generalization but it wouldn't be extreme to say that 31-band EQs and the like are essentially useless in the recording studio (although as Kelly pointed out, very useful in a live setting.)
In a recording setting, if you need to EQ at all, then you need to control specific frequencies WITHOUT affecting many frequencies next to it (the "Q" or slope of the EQ frequency). A graphic EQ's "Q" point is fixed, and fairly wide, so in boosting/cutting a specific frequency, you're really affecting a wide range of frequencies only CENTERED on that specific frequency. In many recording situations, this is not precise enough and, in the case of boosting, will cause more harm than good due to phase anomalies introduced when using EQ to boost.
You really want to get the sound/tone down to tape properly, using the proper mics and recording techniques, without the use of EQ. And if you really HAVE to use EQ at all, then you'd want to be using a parametric EQ, which allows you to control not only the boost/cut frequency, and the level of boost/cut, but also the slope (or "Q") of the frequency. So called, semi-parametric EQs are not as useful 'cos again, they have no Q control.
The problem is, a good parametric is not cheap (Avalons, Focusrites, Symetrix), so it may not be cost-effective, depending on your budget.
Probably not the answer you're looking for, but hey... you're better off saving money and buying something decent, than buying cheap and having to buy the right thing later anyways.
Bruce