just do it.......i do the same with a 60s covers band. however, i find i get greater control with transferring the midi tracks into Powertracks and a little simple editing. lots of songs have distinctive bass lines or simple horn motifs that are easier to play in on PT. you can use the melody track on BIAB and the harmony to create riffs etc but the bass is much easier to do in PT. good example is midnight hour by wilson pickett - the bass is quite distinctive and i just played it in in PT.

but don't let me put you off in any way - BIAB is ideal for what you want - I'm just offering a simple way to customise your tracks to get exactly what you want - but 99 times out of 100 BIAB will do the job straight off