The three main factors to consider when recording live are:
1) Separation among the performers
2) Visibility
3) Proper monitoring
Even though we want to capture the band in a live setting, we still want to achieve a relative level of separation among the instruments.
Let's say we have the drummer set up in the main tracking room. You'll want to apply gobos or some sort of partition around the drum kit. There are many companies that offer custom gobos, but I have found that standard office cubicle panels work very well. The greater the density of the materials, the less sound can escape.
Now you can place the guitar and bass amplifiers in individual isolation booths. The performers can still convene around the drummer and only their amps will be out of the main tracking room where we have placed the drums.
If recording at home, you may not have the luxury of isolation booths. Instead you can use an available closet or perhaps a bedroom.
It's best to decouple the amps from the floor when recording to ensure that the amps don't resonate throughout the flooring. In this case, try propping the up before closing them in their respective rooms.
To avoid any excess leakage seal the door thresholds with towels.
The best and most obvious way to have the musicians interact with each other is to have them in the same room. You'll want to provide them with the ability to have a line of sight among their bandmates free of debris and distraction.
The more comfortable they feel, the better the performance. And isn't that what you're after?
Make sure that everyone has a great headphone monitoring system. You may choose to create individual cues for each of the musicians so that they can adjust the levels to their liking.
It is standard practice to feed the click track to the drummer and perhaps the band leader. They can give silent cues to the other performers.
It's unlikely that he or she will need to hear him or herself loudly in the headphones, since they are surrounded by the drum kit.
The guitar and bass player will need to hear themselves sufficiently in the headphones, since their amps are not in the room with them.
You may elect to overdub the lead vocal track after the band tracking has been completed. This will give you time to edit the arrangement and prepare it for the vocalist.
In the event that the vocals are needed in the live recording for cueing the other performers, you can have the vocalist sing a "scratch" track from inside the control room. This will still offer the feeling that all members are performing together, and you can still go back and track the vocal in a more meticulous fashion later.