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I recently did a very similar project. Live recording at 16 bit (why oh why?) some sweetening back at the studio and mix in the box. My research indicated that it wouldn't hurt to bump it up to 24 bits so I did. In fact, the transfer place just about assumed I would want it that way
I was happy with the results though I didn't have the time to do a flat out comparison test with the 16 bit.
What I read was that your plug-ins should all work better at the higher numbers, and some say fader moves too. Your original audio is not going to suddenly sound better if it is bumped up , but if you are applying any digital processes to modify your audio the more resolution the smoother the result. It made sense to me so I added those zeroes.
Some of the tunes had several overdubs including some vocals- having those at higher res probably adds up to something.
I didn't try bumping up to a higher sampling rate only because of the disk space required (it was 32 tracks of a 3 hour show) The file size hit you take for going from 16 bits to 24 bits is not as bad as when you go from 48k to 96k
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