We record podcasts from phone calls all the time. There is no way it will equal a studio recording. However, if you record through a mixer with some eq, you can make it sound better. Then, in post, denoise the track with any number of noise reduction programs. This will eliminate the line crackle and hum. Compress the signal and eq again and you will get marginally acceptable results. If the program is viewed on the web or with playback units that don’t have very good playback capability you may get away with it. Waves has a plug in called BassMaxx (I think) that pyschoacoustically replaces bass making it seem more apparent. We use that, too.
Can you get your talent to a recording studio where they are located? You can monitor their performance over the phone and the studio can email the unedited file to you. That might only cost a hundred or two depending where the studio is located.
John
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