Also, excuse my ignorance concerning terminology but it seems common for people to use the microtrack II as a bitbucket...what exactly does that mean?
Basically, going digital-in on the MTII, avoiding the built-in AD.
To explain further, if you're running through the mic or line inputs, you need to set levels on the recorder, make sure they're not too high or too low, etc. It's just one more thing to adjust in your signal chain (in addition to your external preamp, if you're running one). It's always a fine line to dance if you're adjusting your pre AND your recorder. However, if you're running digital in, there's nothing to adjust on the recorder - it takes the digital signal and records it, just like filling up a bucket with water. Then all you have to control is the hose (i.e. the signal coming from your preamp/AD convertor).
It doesn't sound like you'll be going digital in, in which case you don't really need the digi-in capabilities of the Microtrack - that's the only real reason I bought it, because it's the cheapest recorder out there with RCA digital in. I'm always taping openly so I don't mind running an external battery pack along with it, which takes the crappy battery life out of the equation.
If you're going to be running low-pro, I'd second the R-09/R-09HR recommendation as you'd want something with a decent mic-in, and it's a proven performer in those types of situations.