ive never used Jam, but i own Toast 5.1.whatever .... I've been reading about Jam though, and it seems to be a great App, and since its made by the Adaptec too, it should integrate seemlessly with Toast. It's a bit pricey since there are alot of free alternatives to mixing and cutting audio tracks. and Disc Burner is built into Mac OS X.
My suggestions :
FOR AUDIO:
-try this app before buying Jam. Audio Recorder (outdated link removed). Its free and has great reviews.
FOR BURNING:
-If the Audio Recorder app works well, then you can import them into iTunes and burn from there.
OR
-Get Toast Titanium for burning. It's only $75 for the downloadable version. It works great. and you can use a lot of it's features later on too. Like burning VCDs, DVDs, and burning sessions, which Disc BUrner and iTunes wont.