I've used a similar setup to rip a small pile of my albums, then I used Magix Audio Cleaning Lab to clean up the recordings. It's cheap but, at least to my ears, it works quite well, especially on older roughed up vinyl (my Dad used it on some albums he found in the attic from when I was a kid, to convert them to a CD for my daughter. Let me tell you, those albums were +NOT+ in good shape, when the cd sounds almost as good as an original CD recording, and my Dad's definitely not a recording engineer

Finally, do all the recording/cleanup in uncompressed WAV format, and, once everything's sounding decent, I use LAME to convert to MP3. It's by far the best encoder I've heard.