Gritingrooves,
It is not the dynamic range you need to worry about. Even the best and the cleanest vinyl only has about 45 db of dynamic range, well within the 96 db red book capability. But if you record at too low a level, you will start losing resolution. You loss 1 bit of resolution for every 6 db down in level. So for optimum recording, you should adjust the input level such that the loudest passage reaches 0 db or just below it. If that is too difficult to achieve than make sure the loudest passage is within -6 db range so that you won't loss more than 1 bit of resolution.
It is not the dynamic range you need to worry about. Even the best and the cleanest vinyl only has about 45 db of dynamic range, well within the 96 db red book capability. But if you record at too low a level, you will start losing resolution. You loss 1 bit of resolution for every 6 db down in level. So for optimum recording, you should adjust the input level such that the loudest passage reaches 0 db or just below it. If that is too difficult to achieve than make sure the loudest passage is within -6 db range so that you won't loss more than 1 bit of resolution.