I shoot for the -4dB range for peak recording input levels to MD. While recording from Digital sources such as CD, those levels will be easy to keep within range. But, once you record from analog sources such as vinyl, it may be a different story, as there is usually a huge range from softest to loudest sounds. Blame the sound engineers for the new CDs being produced today. I try to keep at least 2 to 4dB shy of the dreaded "red range." The nice part of it is, after your recording is completed you can go back and use Scale Factor Edit to either increase or decrease the sound output on a particular track. My Sony deck can do it in 2dB increments.
Nando.