The quality won't be near as good. If you want it to be a "recording" like a cd, multitrack it. Luke can get his part perfect boom. next Michael comes in and nails his part boom, Brenden does his thing boom. The thing being you guys won't have to stop and rerecord everything because one guy messes up. Everyone can get a perfect take recorded. It'll sound a whole hell of alot better. If you wanna do it live to tape and then to pc because it's "easier" go ahead but it'll sound like crap compared to a multitracking.