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How good is this set-up for a project studio?

Hello RO'ers, I was wondering if you all would mind taking the time to critique my project studio set-up. This is the second time around that I have purchased studio equipment, the first time I discovered that I actually wasted money on things that I didn't need at the time (impulsive buys, I guess). This time around I just went for the basics. Here's my current set-up:

Rupert Neve Designs 542 Tape Emulator

Well, not really emulation. Apparently there is a small loop of tape and an actual record and playback head in this thing. So, it's like a small tape saturator. Interesting. At first I thought "this is very cool". Then I thought, at $750 each I could probably by an actual 16 track ATR for the price of just a couple of these(ok, maybe three or four).

less feedback when band is playing

I've notice numerous times in various bar/club type places that the acceptable vocal level when the band is playing, feedsback when the stop. i just ride the fader, or hopefully find an optimal balnce, and gate setting. or turn the monitors down a bit My guess is that all the stage noise is creating some kind of nulling effect and causing cancellation.