I've done this from behind a mics (the easiest), guitar (and a mic at the same time) and drums (total pain in the balls).
Definitely easier to just hit record, stop, hit record again, and so on.
There is a setting in Sonar you can disable (Return On Stop or whatever it's called) so you don't even have to reposition the Now Time after each take (but still double check where the track was laid).
The biggest thing to pay attention to in this scenario is the you make sure you press Stop. Don't let it run or you'll eat up your drive space. Of course check your clip meters (set your meters to hold and lock peaks and do a couple sound checks). If you see the clip light take a look at what happened (maybe someone just hit a mic and your levels are okay or you are indeed too loud... sometimes some songs/parts are louder than others so you just want to give a quick look at thos meters after each take).
To me I would set everything up the day before (mics, amps, mixers, cabling, yadda yadda) if at all possible because it is a TOTAL burnout having to do that the day of the tracking with everyone in the room THEN having to perform and watch the DAW. Also it gives the rest of the band a chance to get bored, drunk, high, whiny, etc.
Tracking day is WAY better if everyone can just walk in and play like a normal rehearsal. You as the producer will end up with the most benefits of that scheme because in my experience... no one else in the room is going to give a fart or have any sympathy because they have no clue all the crap you are trying to keep sorted throughout the process.
Jaded view perhaps but really... it can be a total frazzle of an experience and that just sucks the life (and fun) out of a performance.
Prep = fun = good recording
Cheers!