The mic idea is good, However what about getting yourself a 1/4 inch Jack converter (so you can plug a guitar lead into the Mic or Line-in input of your computer from the OUTPUT of your amp, if it has one) this will stop buzzes and hisses down to what noise your amp and guitar make, I dont know about your guitar but I have 2 positions where my pick-ups are dead silent, no buzzing, feedback etc, at all, almost crystal clear...
I used to have a really nice old Fender amplifier, used to use the output on the back panel straight to the computer, all you do after that is adjust your volumes so the sound isnt too loud at max peak,
(while you can normalise its better to do so as little as possible, and it would probably better if you recorded a little too quietly rather than too loudly as the sound can "flatspot" the speakers, i think thats what its called haha)
Drumming, haha if you really wanted you could use guitar pro,
Do you know how to use the stereo mixer in the volume control???? whatever is playing through your speakers you can record (on some comps, depends on your soundcard) so if you can use a program to make the sounds, simply record it with audacity while playing it, (again check your volumes, you can always amplify the volume later)...
as for Bass, I was real slack there, cranked up the bass on my amp, then again once I'd recorded, still sounded more like a guitar but with nice bass presence, thus I temporarily replaced my need for a bassist.
Hope i helped and didnt confuse, any questions feel free to msg me
Btw now im using a POD "ultimate guitar tone bla bla" 2.0 and don't have an amp im using amp modelling and a few touch ups when necessary, if anyone would like im willing to send a file out, you can see for yourself (or hear i suppose) that it is very possible to make good sounding (as in nice tone, not necessarily a good song lol) music without even having all the "necessary" equipment, of course it does suck that I don't have an amp to scare the neighbours with.