Well. . .it would help to know what you have in your band for instruments/vocals. . . for this I will assume its drums (5 piece kit), bass, guitar, and a singer. Record bass and guitar first. Use a metronome. For recording bass, if the 8-track has a guitar direct input built in, use that. . .if not, use an external DI, OR place one of the SM-57's a 6 inches away from the bass amp, positioned towards the middle of the radius of the cone. Hook this into one of the 8-tracks inputs. Next, place a borrowed condenser five or six feet away at five or six feet of height. It takes this long for bass waves to develop. Hook this into the other input on the 8-track. Record the bass this way and ping pong it down to a single track. Then record the guitar either directly or with an SM-57 or both. Ping pong this down to one track as well. For drums, hook the SM-57's to the Peavey on the first three channels. Run the first mic to the snare, and give it a good EQ. Next, run the two remaining 57's to the two highest toms. Use one of the Shure vocal mic's on the lowest floor tom. . .run that also into the Peavey. Making sure all these levels are matched, run the Peavey into the digital 8-track. Use the borrowed condenser and mic up the bass drum, run this stright into the digital 8-track. Leave the other Shure out, unless you want to replace the mid tom's SM-57 with that. Cymbal mic's would be good, but they can be take care of by the mic's used on the drums. The finally record the vocals, using the borrowed condenser, the Shure vocals mic's or the SM-57, whichever you prefer. Do any overdubs using the same techniques. I hope this helps. . .Im interested to know how you eventually decide to record this. . .