Postulatin' on a hypothesis...
Okay, here's an interesting challenge. Say you had US$2000 to spend, and you wanted to make an analog recording studio with at least 8 tracks of recording. What gear would you choose? Mixing isn't necessary; only recording. And let's assume you already have monitors, microphones and cables. Just the console (if necessary), deck, pres (if necessary), comps, etc.
T3H VERDICT: Yes, of course it is. You have to get a little lucky with your gear finds, but you shouldn't have any real trouble putting together a console and deck for $2K that will record music fine. That is, assuming your songs don't suck in the first place. If they do, that can't be helped.
It is worth noting that I arrived at this conclusion on my own. If you read this thread, the _actual_ verdict is apparently the old maxim "opinions are like assholes, etc."