I'd either do mic>etc>M10 (24/48) or, as I do, Mic>etc>M10>24bit/48kHz WAV>processing etc>FLAC
Thats what I do. I have a separate transfer line in mine.
One thing is, I state the bitrate where the ADC was:
4021 > V3 > 722 (24/44.1)
4021 > V3 (24/44.1) > 722
Those lines tell me something different. I only see a couple others do that, and it's personal preference.
so you'd suggest 24/48?
Depends on what you want to achieve (what's the final end result, do you have a good resampling algorithm, etc). Most here use either 24/44.1 or 24/48 and resample later if they need a CD Audio compatible output.