[ncCountryMike]

There is so much room for improvement in your setup. Not to say that you don't have a great start, but to record an album that sounds really good, unless you're a complete stud behind the console, you probably won't be satisfied with the sounds you'll get from your setup.

I tend to agree with ban, I might either rent gear or just sink that 5k into someone who can get you a great deal on studio time. IMHO I believe that if you're splitting your time between engineering and being a musician will leave with you half as good of a performance on both ends.

BUT! Good luck to ya if you decide to proceed further. I would first improve my mic collection especially if you're planning on tracking drums. AT 4033 and 4047 are a few good choices for the money that range from $300-$500 on ebay. You might check into getting a pair of akg's. I got a set of TLII's online for just over a grand. Your oktava's will be fine for recording your guitar. you might try one around the 12th fret and one centered more towards the sound hole. They've got a pretty dark sound but I would imagine that that would give you a david grayish sound - not too bright. you may have to eq out some of the bass.

Of course if you're going to track your drums, you'll want to get something for the kick. An AKG d112 shouldn't be too expensive and you'd sure be glad you spent the money for a nice kick sound. depending on how many toms you've got you'll need some more mics for drums. Never used them, but i hear the sennheiser e 609's are really nice on toms.

you might wanna get a few more outboard pre's too. Old School Audio makes some really good pre's for something like $450 a piece.

The list can go on forever but hopefully it's a start.