for the 4/5 piece band and the PT format
I think the 003rack will serve you better in the long run

external mic-pres when you know more about what you are doing

but you will need quality Mics that are right for the tasks you set
this may not need to be expensive
and
quality monitoring and headphones

and I feel using the PRO studios where you can get work done faster and/or better is worth a little money

preparing tracks and having guides already done before the studio WILL save time

I often loan a 001 system to clients before they come to my HD studio

I would guess that the number of people who actually save money by home recording is approximately zero.

There are plenty of good reasons to get into this - control over the creative process, the fun and technical challenge of recording - but it is almost certain to cost more money than going to a studio and using their equipment and expertise. The equipment you are asking about will cost as much as recording 2-3 CDs in a studio. If you record 2-3 CDs with that equipment you will want equipment that costs more than recording 3-4 CDs and so on.

Now if you have some knowledge of PT, it is fine to buy a simple system like one of the M-box or 00X systems. That way you can play around with tracks recorded elsewhere and do simple direct to two track recordings of band practices.

I would guess that the number of people who actually save money by home recording is approximately zero.

:D
So true so true.

Unless you see yourself recording for the joy of it, I would not recommend starting down that very expensive and time consuming path. Hire someone to remove the headache for you.

That said its still a good idea to learn about the gear and how it works, so when you do go in the studio you can ensure you get your moneys worth.