Lately, I've been getting into making music along the lines of AC/Panda Bear (for lack of a better comparison...). Give Sound of Animals Fighting's "My Horse Must Lose" a listen; this is pretty darn close, too.
I'm trying to decide which piece(s) of equipment might best suit my needs. I plan on running a guitar (possibly a bass also, on an a/b switch), a mic or two, and a synth/drum machine through a mixer and into a looper. Also, it's very important that I can produce and loop all sounds live/on the fly - it's a lot more fun to be able to just pick up and play...also, it feels a little more 'honest' when playing out

I've looked into getting a DM (possibly an sr16, or sr18 for the bass sounds) along with the Boomerang III looper. Down the line, I'll probably want to invest in a synth, too. So I'm looking at 550-700, plus 3-500 later on for a synth (microkorg, anyone?).
In the interest of consolidating equipment, how is the external audio record quality on the KoPro, specifically after several layers of recording? I understand this will also largely depend on how clean the source audio is. I'd run my guitar/mics into my mixer, and run mixer to KoPro via the RCA inputs. This way, I'd get my DM, my synth, and my looper for 3-400.
If the KoPro can hold a candle to the quality/flexibility of the alternative collection of equipment, this is a no-brainer. I'm looking for any feedback on these or other options I might have. (On a related note, how easy is the Electribe series to operate live along with other instruments?)
Sorry for the wall of text, and thanks!