A few tips...
Live recording
Best sounding. Drum mics will pick up guitars and provides some extra ambience. Play hard and redo the whole song if you have to. Any mistakes will be picked up by the drum mics and will be impossible to overdub unless you somehow totally isolate the guitar amps and drum mics.
Overdub
Easiest. Keep the guitars and bass low. Just loud enough to cue the drummer. The drummer should use headphones if possible and get his cues that way with guitars and bass virtually silent at the drum mics. Then you can lay down the bass, guitars and vocals and make 'em perfect. This is what the pros do. You don't want ANY mistakes on a studio recording!
If you're at a decent studio, trust your engineer as your producer to get the best sound. Don't go in with any pre-conceived notions of what it should sound like. Less is usually more on fx and compression. Don't squash your sound. Every recording is different and will require its own tweeking. Just make sure that the drums and bass are loud enough or it'll have no balls.
Best o' luck!
Break a leg