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Mixing Live Recording

I've got a stereo recording of a recent performance that I'm trying to mix down. I'm using Cakewalk home studio 2 with a stereo wave file generated from a super 8 camera. The recording is pretty good quality, the mic wasn't over-driven. But I would like to pull out some background freqs making nose and boost up some lower mids.

I'm thinking about making three tracks:
One that is eq'd for the vocals
One that is eq'd for bass
one that is eq'd without low for the guitars.

Is this a decent strategy for mixing a life tape?