My studio has been shut down because we are having the floors upstairs refinished (hardwood).  We need the storage space temporarily.  I am missing the outlet of making music that I so need.
 
Once the floors are finished (end of April), I am considering a few options...
 
1.   Live Band Recording - Cost me about $500.00 for the necessary splitters and snakes I would need.
2.   Playing drums in a band again - I do miss playing out.  Not so much the equipment lugging, but the playing.
3.   Taking up the bass guitar.  I have been fiddling with the bass for about a year now, and I am contemplating taking lessons...
 
Anyone have anything to sway me one way or the other?

That's a tough one.
Live band recording:  That's not my thing, but those i know that do it love it.  It's a generous thing though, as it's tough to make a profit, and most other musicians will (often unintionally) take it for granted.
Playing drums in a band:  I miss playing live, and sitting in on drums seems like a great way to join in.  You don't USUALLY have to know the proper pattern for the song (at least in rock/blues/pop) as you just need to get the 2 and 4 right.
Taking up the bass guitar:  After a couple of decades as a guitarist, I shifted over to the bass.  That was a huge spark in my creativity and musical options (100s of guitarists, a handful of decent bassists).  It was the best musical decision I ever made.
 
If you have to choose between your 3 choices, either drums or bass should satisfy you.  Live recording... maybe.