Thank you for your advice junjan.
The intended use of my rig is twofold: field use and open taping.
Originally I bought the Sony ECM-MS957 (second hand, ~$100) for field recording in combination with my MZ-R30.
Now I have become friends with a guy who started a small bar across the street. He wants to give small, beginning bands, who are tired of their practice rooms, a chance to play for a small, live audience in his bar. I got the idea to tape it, along with a video recording, to give it to the band so they can use it as a bit of promotional material.
The Sony MZ-R30 minidisc recorder is a nice little recording device but there are a few serious drawbacks; maximum 74 minutes recording and more importantly no way to adjust recording levels during recording. So, since the MT2 is being sold right now for a very nice price and it should be able to do what I want, it seemed like an obvious choice.
In short: I want to tape live bands in the bar across the street. I can setup microphones any way I want to. I just wanted to try all this with a very slim budget and guessed my MS957 might be usable to start with.
Mind you, it's all about voluntarily offering beginning bands a decent recording. No money is expected to be made. So I understand that the MT2 doesn't have the most sophisticated preamps but I just can't justify buying a preamp-A/D combo AND a couple of good mics right now, just for fun.
I might in the future, but right now I'm still trying to grow money on my back and it doesn't look promising.