I did my C.D. a couple of years ago in response to people asking for one. It's been a real blast . I was lucky enough to have two good people help out for free, one recording me and one doing the art work for the cover. By using a proffesional C.D. copying company I got a very professional looking package, with graphics on the C.D. itself. However, I did my last run on my computer's C.D. burner, using paper lables, and no one has even remarked about it.
I recorded the C.D. on one of these desk top digital recording things, not much different from what you are describing. I only used three tracks as it's just me and my guitar. So I guess you should be alright with what you've got.
So, go ahead and do it. However, I wasn't prepared for people I had never met before knowing my song lyrics better than me! Or being asked to sign copies. That's all a bit wierd (but GREAT for my ego).
Good luck and enjoy.