I'm also starting my own project. I purchased a very nice stereo mic and mic pre. I will do my first recording in two weeks. A very good Irish jazz singer and a guitarist. Two 20 plus minute takes. Fresh ATR tape. Directly from the mic pre to the tape. I already did some tests recording my daughter telling a story and the results are amazing. The deal with the artist is as follows: I supply the room, the gear, the tape, the food and the drinks. All rights to the recorded material go to the artist. I keep the analog master for my own, personal use. I digitize the recording and give the arrtist a high rez and a cd rez copy. If part of the work is eventually published I get credit. And if there's ever a copyright issue the artist relieves me from any responsibility or liability. If the artist wants to borrow the analog tape, she can do it anytime for duplication and returns it to me. I do keep a copy of the digital copy.
I think I'll also request the right to distribute selections for demonstration or non commercial purposes.