You're right - go ahead and do it. We're recording in my living room on the eight-track, and saving a fortune in studio time... and you get the hang of it pretty quick.We're still using the studio for some of the mastering bits which I don't understand yet, but do-it-yourself is certainly the way, and certainly the cheapest studio time you'll ever get!
You go ahead and do it, and good luck!
- Ian B