Here's what I'd do, as far as preference, or dividing the budget... I'm going to assume portability isn't extremely important, but I think you could still move this, with a littlle hassle....
1) Spend the most on the mic.
If you want to budget on the mic, check out the Rode NT1. I've used the NT1, and the NT4, and the NT1 is a much better sounding mic, IMO. Plus, the NT4 doesn't allow you to spread the capsules, like 2 seperate mics would, and takes up 2 channels.
2) Next, look at the preamp. For most condenscers, you'll need something with phantom power - Here's some pre's:
http://www.musiciansfriend.com/srs7/g=rec/search/d=tp?q=microphone+preamp*Joe Meek! Joe Meek!*
When I had a small home studio, I was using a Mackie VLZ board mixer, and I found the preamps to be pretty damn nice. You can pick one of those up for less than $300 if you are willing to use ebay. The mixer aslo supplied phantom power.
3) Finally, look into cheaper 4/8 track recorders; You'll find something very sufficient for much cheaper than an R-1, such as:
http://www.musiciansfriend.com/srs7/g=rec/search/detail/base_pid/240239/http://www.musiciansfriend.com/srs7/g=rec/search/detail/base_pid/241106/http://www.musiciansfriend.com/srs7/g=rec/search/detail/base_pid/240281/http://www.musiciansfriend.com/srs7/g=rec/search/detail/base_pid/242099/Most of these will record at 24/96 as well, I believe - the 12 track one that I have records at 12/96, and it was made over 5 years ago. I think its pretty standard now. Just be careful with these things that its going to be able to transfer to a computer, if that's your ultimate desire. Finally, these will allow you more flexibility on the input as far as levels, and more flexibility with post processing.
Remember, with the R-1, you have to purchase a somewhat pricey CF card as well... you're going to blow most of your budget (prolly around $600) right there on the r-1, and it might possibly be the least important part (IMO). ANother issue with the R-1, for your purposes, is that they have 1 level meeter for both channels (in other words, you can't use the meter to analyze your R and L independent from one another.)
Your needs strike me as more of a multitracking situation as opposed to an ambient, stereo recording situation.
hth - and have fun.