Hi Dennis:
Reel to reel "can" end up being an expensive venture, but it's cool looking and sounds great if done correctly. For quality sound you need to record @ high speed, which uses up lots of tape.
Another consideration is either finding the deck in top condition, or having it properly refurbished by someone who knows what they are doing.
However, if you are only looking for occasional low speed playback/background music for the novelty of it you do not have to be as fussy.
Even though I have not owned a reel to reel for 25 years I still collect pre-recorded and blank tape in the event that I eventually pick up another one for background music.
If you know people in the recording industry, ask around as you might be able to find a nice R2R that is no longer being used.
If you want to try recording LP's to CD you are welcome to borrow our Pioneer PDR-W839. I have never tried it in A/D format (just D/D, so far), but do plan to burn most of our French popular music LP's to CD in the future (along with some Disco cassettes:-).
Another interesting storage medium is Digital Audio Tape. I believe that its use is still popular in Asia. I used DAT pro gear once in 1989 or 1990 (which sounded good), not certain about the consumer grade gear though.