I have been digitizing lps for over 14 years, initially using a Pioneer PDR-609 CD recorder and a B&O TX-2 with MMC2 cartridge in an ADCOM component system. Then I used a Masterlink ML-9600 recorder, another fine machine.
My system has improved to get much better dubs. Now I use a Tascam DV-RA1000HD recorder, Whest PS.30R phono preamp, Rega RP3 with an Ortofon Black 2M cartridge. All of this is powered by Conrad Johnson separates, while I do not need those to record to the Tascam's HD.
Further, I had the Tascam modified by Jim Williams of Audio Upgrades to the A/D-D/A, and other bits. Also, on my Rega, I upgraded to the reference subplatter by Groovetracer, and Frank Smillie's Delrin platter and 110gm counter-weight. In addition, because of the VTA, I installed Rega's height adjustment part under the base of the tonearm.
My routine is to clean every record on a VPI-17, play once or twice, then record to the Tascam, pull those files into my MacBook Pro, process the tracks (I record a side at a time) with ClickRepair, then use Audacity do fade in and outs and to parse and name tracks that I save back to my Mac as WAV files. Typically I record at 24 bits and either 44.1kH or 88.2kH and dither down in Audacity.
I use Taiyo Yuden Watershield CDs exclusively now. But MAM CD are great also. I like the TY CDs since I print artwork on them with an Epsom Photo Stylus printer (designed to print on CDs) that looks quite professional.
There is a lot of controversy in my view about recording settings. I point you to this very thoughtful discussion: http://people.xiph.org/~xiphmont/demo/neil-young.html. But I have read just about everything on the internet about what is right and I have done my own listening tests.
Since most of my dubs are for playing in my camper or car, I do not fret too much about it, given the outside noise and medium quality car stereo(s). The other issue is Red Book CD players. You have to end up at 16 bit and 44.1kHz no matter what.
If you are archiving to a storage device for playback, I recommend that you record one or two lps at all the settings available, then after you have done the processing you want, listen to decide what you like best. That will be the acid test.
Good luck.