Seems like a good excercise, but don't limit yourself unnesicarily [sic]. EQ particularly, I have found, is pretty needed if your tracking in less that ideal (that is, utterly unideal) spaces.
I personaly like to track as if I were using a tape machine, that is, punch in rather than edit later, but when it comes to mixing / plugins, do whats gotta be done. It took me a while to find the right balance, and spending time in an "old school" studio with an awesome desk, 2" tape machine and a bunch of beautiful hardware really opened my eyes, I'd highly reccomend grabbing any experience you can in that area, if possible.
I started out throwing a whole bunch of plugins on everything just to make it sound reasonable, it just takes time and practice with mic placement and selection, getting a deep understanding of EQ and compressors etc and knowing when you have the right take. I don't belive that there is any great secret, just practice and developing your ears to understand what your hearing. I've still got a loooong way to go myself, but I have made a lot of progress in the last few years, just by keeping an open ear
