When I ran out of space, I built UP. Made some stacking shelves, bought a table top 12 space rack to screw everything in to.... but everybody's studio is different in what they have and how they use it, so it really is a case of what works for you. And the older school you are (like me) you know "your way" to do it.

For me, I do BIAB first. Then I put it through a mixer that has a digital reverb looped through it. I then record the BIAB tracks panned left and right to track 1 and 2 of an 8 track Tascam direct to disc recorder. Then I sing onto track 3 and 4. That leaves me 5,6,7 and 8 for additional keyboards, harmonies that come from a vocoder, guitar parts....

But again, that's just what I do and it isn't necessarily the way everybody does things.

On topic, that M-Audio Fast Track will work for you.