As Andy says, you really have to find out what the client wants, don't forget, they're the ones paying for the shoot. If you check through similar threads you'll find it mentioned a number of times that in shoots like these audio is 70% video 30%. Basically if the picture isn't the best from time to time the eyes are more forgiving than the ears.
I suspect however your question is more how you deal with the project during shooting and at time of editing....
1) make sure you have a good stereo audio feed from the bands mixing desk...if that screws up so does the project although you might be able to save it if you have reasonable feeds from your camera
2) use your fixed cam footage as your belt and braces, so make sure the shots/angles you use are the best you can get
3) depending on your editing software (we use premier) use the multicam set up and you can work with 4 video tracks displayed at once....becomes more like live video switching at a gig...
4) make sure all the video tracks sync up with the audio track, at the end of the day you should at least end up with a good stereo mix!
hopefully there will be a real expert along shortly
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