Can I just share with you why I think recording separate audio tracks of MIDI "performances" is a good idea?
Quite a few years ago now, before the advent of "virtual synths" and DAW's, I started to build up my MIDI system. I used Cakewalk (with no audio capabilities at all) to drive all my synths and I the only thing I had at the time to record the output was Sound Forge.
So, I would set my song in motion and record the whole thing in one go, running everything through a small mixer and into my PC audio in.
I thought it was okay at the time. But, as I more recently started to learn, with the help of Peeps here, I realised that what I had recorded was pretty crap, not just composition wise, but audio too.
I have since tried to go back and re-record and re-master some of the better pieces, but, alas, the memory backup battery of my Roland JP-8000 had run right down and after replacing it I had lost all of my presets (yeah, I know, I could have backed those up but I didn't) and the ribbon controller had failed, and I have not been able to replicate a lot of the sounds I used.
Now that I have Sonar, and I am also starting to go back to using some of my hardware, once I am happy with how a MIDI track sounds, I record the audio. I keep the MIDI, though, and I can go back and re-record something if needs be.
This way, I can concentrate on the composition first and then once that is complete I can do any necessary EQ adjustments on the audio track and apply any fades/automation.
And, if I learn new techniques, and feel I want to improve a mix, I can do so regardless of whether or not my hardware still works.
cheers
andy