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I wouldn't say it'll be worth going for a FLAC transfer but WAV definitely.
My brother has been getting rid of all of his cassettes and has transfered his metallica reading festival 97 aud master to md.At the moment im not sure what mode he recorded it in ( lp/lp2 etc ) when transferring it to minidisc.
Buy/borrow an MD deck with S/PDIF out, to avoid using the DAC in your MD deck going analog out.