Going from my own experience, the bass is most important to be isolated. It bleeds into everything. If you guys are really well rehearsed, and everyone is at the same level, a live recording usually works best. Especially when you are all in the same room, and then amps are in iso or whatever. Energy feeds well off of each other, and that's why I've always liked recording live. And do it the way you play it live first. Then you can punch in over mistakes, and then add colorful overdubs. Just don't let the "we'll fix it later" mentality take control (it will bite you in the arse). Try to hit it in the first two takes. Depending on the studio layout, get the bass isolated first if that's the only isolation room. It's ok if guitars and drums are in the same room with baffles staged. The frequencies are similar for bleed through, but don't have a ton of mistakes. You'll never get rid of them. I hate to say this next thing, but don't be afraid to pick isolation to the weakest players. If you know someone is prone to the bad note, get him isolated for fixing later when space is limited.
Good luck, I hope it comes out awesome.