How do I make a good quality bass cover?

Hi David,

I've started my own cover channel on Youtube and was curious as to how I can make the BEST bass cover I can when it comes to recording materials. Here's how I normally make my covers:

1. I use an external mic to pickup my bass tone (my 1/4 to 1/8 adapter is on its way so I don't have to put a mic up to my amp :scowl
2. I record my bass in a 2nd track in Audacity over an mp3 file and then export them as an mp3, sync them with the video I capture from my 2 cameras, and then save/upload to YouTube.

My question to you is: is there anyway I could be making my covers better? Is there some software (preferably free) that I don't know about that is meant for guitar covers that I can use to eliminate the hassle of Audacity?

Thanks,
Nick