Hi, I'm totally new to recording.

I'm getting a Fostex 8-track. What would be better for recording guitar, piano, conga and cello? I'm planning to play all of these instruments myself so I'm going to record each separately.

I know that having two mics opens up more possibilities for stereo imaging, but don't know if one excellent mic will offer better sound than two lesser but still good mics or if it just depends on what kind of sound I want? Also, are dynamic mics better if you're only using one mic? Are they more sensitive to noises in the background, though? Thanks in advance for any help.