My 2cents:
I used command-line tools like the SoX package, normalize, dd and cdrdao.
Recording a whole album side can be a good idea. You may want to do it more than once both to optimize your recording volume level and see how much dirt the stylus drags out of the grooves (depends on the record's condition).
I just recorded the stuff as .raw rather than .wav. In the beginning I pulled out individual tracks too, but eventually decided it was slightly counter-productive, because all you need to do is find the track boundaries and put them in the .toc file that cdrdao uses. To make mp3's (or the like) you can key off that as well and use dd to feed it into the encoder.
It's worth using a good sensitive set of headphones to do the boundary work, so you can really hear where the track starts and fades out completely.
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