There's nothing like doing it on cassette. You don't have to worry about the sound so much and you can just record everything that comes to mind. It's good for productivity and confidence. I made lots of EPs on cassette.
I've been listening to all sorts of stuff from Guided By Voices to the Beatles to Nirvana to Tame Impala ('cuz the new record is out) all week and am pretty set on doing this. I've cleaned up my 4-track and got some nice Maxell 60-min. Type II Hi Bias tapes. I've figured out how to get all four tracks out at once, and I'm pretty clear on how I'll be mixing the whole thing. Just have to test to see if I want to record three mic inputs for drums on one track, or three separate tracks and then bounce them down to one.
I may have to pass it though a computer for mixing, but I'm strictly calling that "the mixing stage". The only recording I'll be doing is on the 4-track.