Wellllll, that's ONE option certainly...
Of course, there are several others which might be better choices depending on your level of experience, your budget, what kind of music you're recording and what you want to do with the recordings once they're made, etc. These options would be stand alone hard disk based recorders or a computer based DAW.
Before we can make useful suggestions (and why can't we make this a requirement before anyone posts a general question like this one?), we need to know answers to the above questions as well as what, if any, equipment you now own.
Hardware and software choices should ALWAYS be based on what you're trying to accomplish, not the other way around.
I would think very carefully before purchasing a reel-to-reel deck. While you can certainly make excellent recordings on them, there will be maintenance, the cost of tapes, calibrating, etc. Since these decks are going to be older you would also need to consider the likliehood that you mgiht have to repair them as well. In addition to these considerations, if you go analog tape, you will not have the kind of editing options that a digital setup affords. This may or may not matter to you depending on what you are trying to accomplish.
Ted