A somewhat different tack that might be worth considering is to use something like the Zoom H4 SD card based recording device to record FM directly to an mp3 (bitrate up to 320kbps selectable). The Zoom H4 has received a rather mixed reception, but most of the negative comments appear to be by folk who have not actually used the device. I got one recently, and while it does need to be treated with some care (it is no exactly ruggedized), and it does have some shortcomings in the area of monitoring of a recording in real time (there is a quiet bleeping in time with the flashing record indicator) playback does not suffer the same problem). There is no programmable timer facility, but who knows what the next generation will bring?
For a fairly comprehensive review from someone with much more experience of it than I yet have, see
http://digitalmedia.oreilly.com/pub/a/oreilly/digitalmedia/2007/02/01/review-zoom-h4-handy-recorder.html?page=3