Hi Joshua,
Fancy running into you here!
> the total space i would have to work with is roughly 30' x 20' <
One big advantage of a single room - at least for the typical home studio - is having one large space avoids the boxy sound and low frequency problems inherent in all small rooms. This is what Nathan was talking about. In a large room you get better monitoring, and when recording the microphones and performers don't have to be so close to walls.
--Ethan