As far as the bit depth is concerned, 24-bit recording is often preferred for live work because it gives you the freedom to set your recording levels conservatively, thus reducing or eliminating the risk of hitting 0 dB by accident. Then if the recording is important enough, you can dither it down to 16 bits at an optimal level (where the peaks fall just below 0 dB on purpose).
In terms of sound quality there is no one best setting for the sampling rate in all cases. There are many people who have strong opinions on this subject, but the supposed information on which they base these opinions is often quite faulty. 44.1 kHz is generally considered the minimum, since a lower rate (32 kHz is the next standard rate below that) wouldn't allow for response up to 20 kHz--the sampling rate must always be greater than twice the highest frequency that is to be recorded.
There are some slight potential audible advantages that could be realized in a recorder with a somewhat higher sampling rate--say 64 kHz--but whether those advantages are actually realized in a given piece of equipment would depend on that equipment and on what other equipment you were comparing it to. The best 44.1 kHz converters sound as good to almost everybody as any higher-rate converter, while a not-so-good converter with a higher sampling rate doesn't sound as good or better than a good converter running at a lower rate.
In any case these are mostly very small differences in sound quality, and if I were you I would be more concerned about microphones and microphone placement than about this issue. On the other hand if I were you and I were writing this, it would be stupid because then I could just talk to myself without having to write anything.
--best regards