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Live Recording vs. Track by Track

Hey Justin, I am in need of some of your recording and producing expertise. My band, Gaucho Marx, is going to be our first recording together, a demo/EP. We're going to record everything live with a few dubs, with the help of an experienced engineer friend of mine though my only experience to date is in track by track recording. As a producer, what are some of the strategies you employ when working with bands live to get the best takes (and maximum efficiency) and what should I be aware of going into these sessions as a bassist? I'd also be interested in your thoughts on Live vs. Track-by-track recording, do you prefer one over the other, or is it context dependent?

P.S. Thanks again for your contributions here, JMJ.
 
Just pre-produce the hell out of those songs. Know them cold, that's the way to make an indie record that has to sound tight, but doesn't have much budget.

It's so context dependent, but I sure prefer live. I get better, more random stuff working off other players.

Otherwise:

Don't be precious, have fun, keep it light, take the occasional walk, don't allow outsiders in the studio unless you have time to get distracted, reference other records for tones while you're getting sounds for each track (not just bass, everything)

Other strategies I've either covered in other posts, or they are sort of things I like to keep to myself.

Hopefully that helps somewhat. Good luck on your record!

Best,
JMJ