We've done the 8 hours for £120-ish deal a couple of times at Cap'n toms. Definately up to a standard fit for local release and the more you know about the recording process and the tighter your band are I imagine you could get two or three tracks sounding great in the alloted time.
We've done them both with Paul DiNero and he's a total legend. Knows his stuff and is a fair whiz on the mixing desk.
Onion Terror - Myspace 'Hangover' was from the first set, and the rest are all from the 2nd one.