Having a reference track will give you something to aim for in your recording. It will give you a baseline of where to start as well as something to refer back to when recording. You can use it to match a guitar tone, match a bass line, or to enhance your mix with the same effects. You want to carve your tracks sonically and shape them in the image of this track.
Research of the music can also give you techniques you may not have thought about. From Queen recording vocals into a bucket to get that filtered sound, to Led Zeppelin recording drums in a stairwell to get that perfect echo, there have been many different techniques over the years to make interesting sounds that you can learn from, and use in your recordings.