What are some special considerations when recording a classical master like Ravi Shankar? I am assuming that everything would be recorded in a single room at the same time (percussion etc.), with few if any edits and overdubs. Would that usually be the case? Is it mostly about the initial preparations and equipment Set Up with someone like this?

With someone like Ravi Shankar, the preparation and the artists comfort is most important. If they don't feel comfortable and feel like playing, it doesn't make any difference what kind of mics you use. Also being totally ready to press 'record' is a must.
Everything was recorded at once, and in a single room. There were no overdubs or go-bo's.