Recording at home, then having it mixed and mastered is the best of both worlds. What little you might gain from the acoustics in a pro studio is well offset by convenience, and the economic advantage of recording at home (you can take as long as you like).
Use effects to record if you like, but don't record the effects. Put them just in your headphones. Decent mics plus common sense recording techinques plus of course your good playing will provide the mix/master studio the raw footage to make into something really special. imho
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D.D.
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