I have no experience with this http://www.mother-of-tone.com/creation.htm but he makes a strong case for 16/192. I have his DAC and it is incredible. You can play back your 16/192 recordings through his DAC at the same rate. Worth checking out.
I would also consider how much time you have to devote to this project.
LPs must be recorded in real time, you have to actually play the record vs. just slipping in a CD to rip in a few minutes. Once you factor playing the disc and then sitting down and editing the file, cutting out the noise at the beginning and end of the record, the re-recording you'll have to do because you set the levels too high and clipped the recording (digital clipping isn't pretty), dividing it into tracks, labeling everything, correcting for pops/clicks. You are easily going to have an hour or more invested in each LP.
I started down this path but gave it up after finding how much time and effort it took.
I would also consider how much time you have to devote to this project.
LPs must be recorded in real time, you have to actually play the record vs. just slipping in a CD to rip in a few minutes. Once you factor playing the disc and then sitting down and editing the file, cutting out the noise at the beginning and end of the record, the re-recording you'll have to do because you set the levels too high and clipped the recording (digital clipping isn't pretty), dividing it into tracks, labeling everything, correcting for pops/clicks. You are easily going to have an hour or more invested in each LP.
I started down this path but gave it up after finding how much time and effort it took.