Vinyl records to itunes via USB turntable

I have a Sony USB turntable which I am trying to use to convert some old albums of mine to songs playable on iTunes.

I have figured out a way to do it, but it seems awful tedious, as I have to record the songs as a track in Garageband, then save it and convert to an mp4, then import into my itunes library.

It works, but I must record one song at a time to keep them separate (if I record one side of an album, it records as one song).

I'm thinking there must be some Mac-compatible software out there that would simplify the process, and allow me to separate the tracks.

Also, does anyone have experience with this process as far as which settings to use?

Should I save the garageband track first as a garageband file, and if so, can I save at the compressed "small" size to save space on my HD, or will I sacrifice too much quality.

Again, I've been able to accomplish the task, but it seems a bit awkward and I could use some pointers.

I am running Snow Leopard on the G5 computer I am using with the USB turntable, but I also have a Macbook Pro running Lion if that would do a better job.

thanks