Ok now I've totally figured it out. It takes a little bit of attention, typing and, of course, time, but this is better than I expected. Admittedly, the directions that come with the Audacity software leave a whole lot to be desired, but after doing some more searching I found this little tutorial that someone posted which made everything fall into place.
How to Transfer LP Records to Your Mac | Macinstruct
I've recorded entire albums, split it into tracks, and exported the file as individual tracks to a file on my desktop. It is simply a matter of renaming the tracks to the song title and moving them into iTunes.
I also don't see any real loss of quality converting to MP3. The sound out of my computer (I have external JBL speakers and woofer) is great.
I hope this answers questions and helps anyone looking to do the same. Enjoy those LPs.