So you say I should pick a cheap MD. I saw "ATRAC Only" written in the comments of it. What exactly ATRAC means?
ATRAC is a lossy compression algorithm. I think your best bet is to check the minidisc.org FAQ for more info since there isn't a lot of info here re MDs and ATRAC.
All MD will do [3-4-5]?
I honestly don't know, but perhaps others will join in. I can tell you there's very little discussion here regarding MD, so minidisc.org might be a better place to pose those sorts of questions. Give it a bit here to see if anyone responds usefully, and if not hit up minidisc.org.
I guess a good Mic is even more important so can you then recommand me for a mic which does [1-2]?
Yes, mics are *the* most important component, generally speaking. However, the
only mics / battery box in the post I referenced that fall within your budget are the Giant Squids. Not on the list, but possibly in your price range are a few products by
Church Audio. I'd search around at
Archive.org's audio section for recordings sourced with these mics + MD - there are plenty - and decide if it's worth your while. Try keywords (with quotes) "church audio" and "giant squid".