I have not done the recordings for at least 10 years. so I bought a sony midi disc and have a play on it. Not the best sound quality but at least it reached the CD quality.
Once I converted to "wav" files you can crtiize as much as you like.
I have a sony midi disc recorder too. I never came close to CD quality with that part. First I used a pair of dynamic mics directly into the microphone input, but there was terrible much noise and dull sound. Next, I used a pair of condenser mics with a small mixer for providing the necessary phantom power and went into the line in input of the Sony midi disc recorder. Way better, still not very good.
The Edirol part some use here is very handy and easy to use. With the built in microphones the sound is surprisingly well, but by far not CD quality. Still pretty much noise.
Instead midi disc recorder, a much better, also much cheaper way is to take an external sound card with USB connector, like SoundBlaster, with cabability to record with 96kHz / 24 bit, and record directly in a silent notebook. This in addition to a pair condenser mics should be enough for amateur recordings with the claim to get something in the near of CD quality. For burning CDs you need to downsample to 44kHz/16 bit, or for sharing your pieces here you need to downsample to mp3 quality with 128 or 192 kbit.
Regarding how much takes I need: I usually built up the complete recording stuff, and hit the recording button, and start with a bit practising, followed by some takes what might be used for a recording take. I try to forget that the playing is captured. Sometimes it needs 2 or 3 takes, often more. As soon as I think, that I am satisfied with my take, I stop the recorder and save the file. After that, I try another recording take with the knowledge that I am already satisfied, but maybe it gets still a bit better. Sometimes it does, so I use that take. Afterwards, I cut the section with the usable piece out of the large wavefile with CoolEdit, to normalize, adding a bit reverb, and converting to the target format CD / mp3.
Hope it helps a bit.