I'm pretty much going through the same dilema, except, I've been micing my amp, and plugging the mic into the mic jack, the problem is that both the mic and the amp are really crappy quality... so, I was thinking about doing the above, and just plug my guitar into the line in, but, the output on my effects pedal is a 1/4" and the input on my computer is a 1/8" so, how would I go about hooking that up?