A friend pointed out a nice looking delay unit for around $300 retail, but it probably would be more beneficial to start thinking about multitrack. The two main purposes of recording this band are to get the word out about the band (grassroots, archive.org dist., etc) and for historical preservation. A delay will allow me to keep working at my current pace, however going multi would certainly produce sweeter material for historical record. At the moment, the band is in the studio working on a second album, so tourdates do have long stretches of time between them, however, the plan is to get back to working two shows a week once the new album is out. So I need a setup that will allow me to pump these shows out pretty fast, and have them sound good, too.
For now, working with this band is more of a part time thing, (kind of a day job, since I'm a bartender), so it's pretty easy for me to tape the show, sleep, wake up, FLAC and burn master files, edit, track and archive 16/44.1 files for the masses, then go to work. I fear that going multitrack will demand far more of my time in post production, and probably drive myself insane, since I'm something of a perfectionist.
Anyway, thanks again to all for the input, I'll have to weigh the options here and decide which direction this is going.