I agree with Ethan Winer's suggestion: I'd record everything at 44.1 KHz and 16 bits'
44.1 KHz and 16 bits can be referred to as the Wave format because of its .WAV file extension and it's probably the highest quality format available to you. I know that you've said that you don't care about the higheast quality but, it's just as easy, just as fast and provides much greater flexibilty in the future. You can use Wave files to directly produce normal, good quality CDs; create any compressed audio format that you might ever need; and, do pretty much anthing else that you'd want. The only disadvantage to wave files is that they are bigger files and thus require more hard drive space. Well, hard drive space has become almost unbelievably inexpensive. Just for example, 1 terrabyte internal hard drives are now available for under $100! Even portable, almost pocket size, 1TB HDs are about to drop below $100. And you don't even need a HD anywhere near that big. I just got back from a trip and it's late so I've probably done this wrong but, I just calculated that a 1 Terabyte HD would hold about 1,575 hours of wave files. - That's a lot of reel-to-reel tapes!
If you save your reel to reel songs in a lesser format, then you'll be limitated to its lower standard forever. (Unless you want to do the whole copying job all over again!) For example, if you only have MP3 audio files, then the only way to produce a normal CD is to create Wave files from a compressed MP3 filez. That's not a very good idea. Not only are you starting with a lesser quality format but, such a conversion often results in very obvious audio clipping that makes the CD unlistenable and useless.
Down the line, you can alter your appraoch to perhaps better match your needs, but at the beginning, I think saving all the tracks as Wave files (and keeping backup copies of them) has no risks, offers great flexibility and is the best way to go.