I have a brand new macbook, a røde nt1-a mic, a line 6 toneport ux2 and logic express. Could this be used as a portable home studio? Im thinking recording drums first (only two mic inputs, I know..) then overdubbing two guitars, bass and vocals. Everything to be done with the mic I have, and another mic which i will have to borrow from a friend. Nothing fancy anyway.

Mics-toneport-logic express

Will this be an acceptable way to record my band? I am not looking for the best quality, not at all. Just something that will resemble demo-quality.

That*s the thing though, I don*t know what I*ll be able to get a hold of (mic-wise), so I expect the drums to be bad.. But how bad do you guys think? So bad it won*t be worth it?