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I've done this using a similiar technique: My advice is that unless you having a pressing need to do this because you can't get the particular recording on CD then just buy the CD 2nd hand off e-bay and rip it to MP3.
Reason being is that it will take you at least 30/40 minutes per album to edit the wave, normalize it and rip it to MP3, plus the record time, all to process the sound wave you end up with into usable MP3 tracks. Then you have to burn it to CD, if that's your ultimate aim, maybe create some sleeves for your CD, another 10 minutes or more; in the end, best part of an hour per album, plus record time.
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They have trial versions you can try before you buy and the download programs are not very expensive, but I hasten to add that I have no commercial interest in the company and I am sure there are others which are as good. The nice thing I found with the programs is that you can pick and choose which LP tracks you want to convert to MP3 (or other formats), so you don't have to record and convert the whole LP if you don't want to do so.
As aforesaid it takes a bit of time but listening to nice music tracks is not unpleasant and I didn't find the process particularly hard
______________________________________________________________ "Go placidly amid the noise and the haste and remember what peace there may be in silence." - Max Ehrmann
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Sorry - forgot to say that, if burning CDs I have learnt from bitter experience not to use cheap "blanks". Spend a bit more and get some Taiyo Yuden discs off the internet (I'm fairly sure you can't buy them in the shops). Never had a failure with them yet!
______________________________________________________________ "Go placidly amid the noise and the haste and remember what peace there may be in silence." - Max Ehrmann
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