You'll no doubt get a lot of advice from all over on this, but for bass you can go direct with a DI box to your xlr's if your system will handle it, or (my choice) use a small bass amp that has an XLR out. As far as the electric guitar goes, if you like the sound of the practice amp I'd just mic it (Shure 57 or ?).
Only about a zillion ways to do it and I'm sure someone else will chime in . . . .
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