If it gets the project done, then it sounds like a great tool!
While you're doing the analog-to digital-conversion, I would suggest sticking with 24-bit 96Khz wav, and focus purely on maximizing the quality of the analog signal. i.e. dialing in levels and stuff. Each time you play a record it degrades a little bit, and it needs to be done at 1x speed, so you don't want to be futzing with compression settings.
Once you have the uncompressed wav files, you can experiment with different codecs and bitrates until you're happy. Figuring out the software to do that isn't difficult.
You could then also keep the uncompressed wav files around on the SD card in your drawer (or losslessly compress with something like flac). If a year later you realize you made poor compression choices, you can easily fix it. Maybe you eventually become an "expert" and decide you want to do some frequency filtering or something. If the SD card dies or gets lost, oh well! :-)