You make a lot of sense. I also use Cool Edit Pro (thanks Pete) and a V-amp Pro. For drums I use a Boss DR
-670 I picked up on E-Bay for $100. I have a 5150II and tons of pedals and mics....and a room full of other stuff. But for recording guitars all you need is a Vamp or POD and some software. It's fast and easy.
Is that a Maiden tune? Sounds cool.