My own experience about this, making my own recordings of acoustic instruments with two good capacitor microphones and have tried different sampling frequencies between 44,1 , 48 kHz and 96, and have compared 16 bit with 24 bit many times, is this :
1. If the digital filter is very good in your dac - then the 44,1 kHz sampling rate is good enough, otherwise its gonna be a small improvement with 48 or 96 kHz , If the recording is 48 kHz or higher.
2. 24 bit is better than 16 bit because of this : in reallity when recording real instruments you have a safe margin about 12 dB , - thats 2 bits of resolution. Recording at 16 bit is in reality 14 bit. Always record in 24 bit.
3. If using lots of plugin programes like peq, limiter, compression, exciter, eq , during the mixing process its better with 24 bit source material on all separate tracks. You can hear the difference If there is a lot of conversions during this process.
4. If using a digital volume control at home, a source material of 24 bits ( or converted to 24 bit ) are better than 16 bit.
5. Some SRC programes is worsening the sound In the DAW, but some are transparent to the ear.
6. If you think 320 kbit mp3 is good enough for studio masters, - good for you. Im sure no serious soundtechnician would agree. With my Genelec 8340 and good source material, its a clear difference between 24 bit 96 kHz and 44,1 kHz 320 kbit - with my own recordings. I have done this conversion from 24/96 kHz to 320 kbit 44,1 Khz many times in Logic proX and there is a difference If using good speakers.
Conclusion - 16 bit 44,1 kHz recordings are good enough at playback If, and only If you dont do a mixing mastering process in the studio. In reality, 99 % of all recording are processed after the recording session, and here is the need for a higher resolution. I would say that minimum 20 bit and 48 kHz would be transparent in a mixing process.