Recording Levels and Settings:

When recording digitally, unless you are recording in 32 bit floating point, it is important to keep the levels below clipping (0dBFS).  Extensive clipping can create very objectionable distortion.  Also, at about the level that clipping takes place, the microphone preamp may also start distorting, and this distortion may well be more objectionable than clean clipping. This is not like cassette recording, where you wanted the meter to bump into the red on the peaks.  If you get a chance to set levels in advance, set the peaks of the loudest part to be about -10dBFS on the meter.  If you are not sure or don't get a chance to set levels, be conservative.  I've gotten excellent recordings where the peaks never got above -25dBFS.  This only applies to 24 bit recording, which avoids certain kinds of distortion if the levels are low.

Newer recorders which offer 32 bit floating point recording such as my Zoom avoid the issue of setting levels.  Floating Point recording has an almost unlimited dynamic range.  There is no recording level adjustment to make,  Level adjustments are made in post production.  This is one of the big advantages of the new recorders with floating point analog to digital converters.

Make sure the recorder is in manual level adjustment, not automatic.  Recording with automatic level control will remove all the dynamics from the music.  I record at the 44.1KHz sample rate, that is the bitrate on CD's,  Since my post production processing rarely involves time stretching or pitch adjustment, there is nothing to be gained from a higher bitrate with modern equipment.  One caveat:  If your recording is going to be married to video, as opposed to being burned to a CD, record at 48KHz, that is the bitrate used for all audio married to video

If despite your best efforts, you get an occasional clip, it probably won't be an issue. There is software available that "unclips" slightly to moderately clipped recordings, provided they don't also have other distortion.  The particular software I use for this is not inexpensive, but I am sure less expensive unclippers are available.