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Dear Todd, reflecting on those two options (1 being DIY, 2 being professional studio) - note that this is very personal-taste-ish. But first, some comments: First, what didn't come out in your description of option 1 is that you'll still need an engineer (and, if you are able to do that yourself, an engineering assistant). I don't know whether you qualify as an expert engineer yourself, but even if you do, you need someone to work the gear - everything else is not much fun. You wouldn't necessarily need to buy those super microphones/preamps/converters, renting/borrowing might be a good option here. I'd go with option 1. Why? Because if (should be iff here) you're able to find a decent room, you can give your record a very unique sound by making use of the room. (Yes, do record the room, if it's something church-like, e.g. lots of reverb, best with a pair of PZM half-omnis. Then you won't need artifical reverb). And this way, your record will sound very unique - basically, Daniel Lanois had been famous to work like this even before the days of computer-based studios by not using a studio in the traditional sense for his productions, rather finding a nice location and then schlepping his studio gear there. My .02 Rainer -- http://moinlabs.de Follow me on twitter: http://twitter.com/moinlabs