I would try to isolate and record them separately - you might also try putting them in a closet so that you can crank them without blowing everybody's eardrums. You can also isolate the tracks so that you can process them separately. It is usually recommended that you record without effects (or "dry") and then add the effects when you mix, but I like to record with a live sound and use multiple takes. I haven't been in a studio in a loooong time, but the last time, we recorded drums and bass first, using a click track when necessary to keep the timing right. Then we went back and added all the other parts, some played together and some separate. We had the guitar, keyboard and other instruments isolated so that we didn't get interference between the tracks. Then we could repeat an entire take for one or more instruments, punch in changes or whatever. The only problem that I had with this approach was that it felt that I was taking a briefcase to work - there wasn't a lot of energy like you get when your band is tight and you always know what everyone is going to do next.