I did something like that on a video a couple of years ago using a small tape recorder, and it worked OK for a relatively short video.
The problem you are likely to encounter, is the sync is very likely to drift apart, on longer videos.
If you are doing lip-sync, that requires precision.
The speed of the video is determined by the Camera and the speed of the audio is determined by the MP3 recorder/player
It would surprise me to see them running at the exact same speed.
One is going to be slightly faster than the other.
..
I made a video which I posted to YouTube using my Canon PowerShot A470. The video quality was good (the light was good) but the audio really suffers when I'm not close to the camera. I tried to make another video speaking farther away from the camera, but the audio is really unacceptable. I'm starting to understand that good audio is more important than the video, for what I want to do.
Instead of buying a camcorder with a mic jack for a shotgun microphone, I've read that I could record the audio on an MP3 player, then edit the video and audio files together. I read that I should clap my hands in view of the recording camera to help with the syncing. I found an iRiver IFP-890 256 MB MP3 player on Ebay for about $85, does that sound like a good price?
Are there any warnings or comments you can give me about doing this? I've got a Macintosh PowerBook G4, 1 GHz processor, 512 RAM, OS 10.5.8, which is the highest I can go with my PowerPC processors. Don't laugh, you'll be old someday, too!

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