mbox and live recording

[advice sponge]

I've got a 5-member rock gig in about a week and I'm trying to gather tips for recording the event live with my mbox. I know one option is to just set up a pair of mic's. But would it be better to use an external mixer and send the stereo output to my mbox? I have access to one with 12 inputs. Only problem is I would have to set all the levels in advance (since I'm playing in the band). Can I get decent quality with this method, especially with the editing limitations of just one stereo track?

p.s. followup: I want to dedicate one or two of those 12 inputs to record the audience singing along with us. Any tips on this without generating mic feedback?

Thanks DUC!

Tim

[where02190]

With no one monitoring the recording, IMHO you'd be better off going with a good stereo pair of mics.