Marc Sachnoff writes about recording LPs and 78s to CD for preservation.
Claude Shannon's "Theory of Information" say that you should record
with the highest bit-rate you can to faithfully capture the highest
frequencies.  The disk is cheap, so don't you be.  Buy two disks and
use one as a hot-backup.

Also, don't add any 'effects' the sound software offers during the
capture process, so you can have a true copy.  Add reverb and other
enhancements only to its copy if you wish, when making CDs to listen
to.

I suggest you take a look at www.redhotjazz.com and talk to the
website's owner who's very personable.  They also have an active chat
group at http://launch.groups.yahoo.com/group/RedHotJazz

Karl Ellison