both on Vinyl , CD and Digitally.
I would really put some thought in to the CD production - do you really need physical media?
It can be nice to have a physical product in your hands but unless you are doing it "for yourselves" or playing shows where you can capture some
drunken impulse sales at gigs I would strongly recommend going "digital only"
The "distribution" is the easy bit - the hard part is getting YOUR songs heard above everyone else doing the same thing so I would save your energy (and cash) for a marketing campaign to promote your release
A very focussed FACEBOOK campaign may be enough - and there was a recent thread about using Facebook - the more focussed you can be on achieving a pre-determined goal the better - so I would suggest you spend some time to be clear on EXACTLY what you want from this release as the marketing campaigns to support the following goals would be very different: exposure, listens, create a buzz, sales, launch an artist/band (even if it is a virtual Collab), support a tour etc. Etc.
I would suggest being really strict with yourselves and choose only ONE objective - i.e. It would be easy to say exposure AND sales - but IMHO this is a cop out as you will not really know how to measure your success (and the approaches for each may be different)
E.g. - if you want "exposure" or "plays" then you can just "mass advertise" and offer tracks for free (although there is the "perceived value" issue - if it is free does it imply that it is not very good?)
If you want sales then I would say you need to target the "new music bloggers" and influencers to get some recommendations and reviews - and then use this to generate sales
The more focussed you can be on your goal the more likely you are to be consistently aiming for this goal, which will increase your chances of achieving it