I also think you should go for it. Get lots of footage, lots of angles. I am assuming that this is a one song deal. Before shooting listen to the song gazillion times. Memorize the melody, understand the lyrics, feel the song in your bones... that will make the shoot easier. Be creative. When shooting their live concert don't do it with one camera, take at least 3.
Play with your shots. When shooting rehearsals don't be afraid to ask the band to play the song one and more times. Doesn't have to be the whole song, ask them for certain parts, places where you can place your camera and shoot just that ONE second of the drums or the guitar, etc.
Get lots of closeups. Before shooting, if possible, sit with the band and talk about their feelings towards that song. They should be able to give you good ideas as to the mood and the story they want to tell through the song. Finally, when you sit to edit it take your time and enjoy it.
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