Mick, I know it sounds good in theory and all, but you really don't wanna do it. You want to record in 16-bit, 44.1k (CD quality) minimum. I'd say 24-bit, 44.1k actually, but it depends on how you set yourselves up.
You can always convert to MP3 later, but you can never reclaim lost quality from lossy compression (ie. MP3, WMA, etc.) Not that it has to be all "precious" and everything, but since almost all software records to .wav anyhow and then "transparently" (ie. it doesn't tell you it's doing this, it just does it) converts to MP3 at the end, you might as well keep the .wav. That way you can use any software at all, and then use any tool at all to convert, split, etc., your MP3.
Greg