Ryan,
I don't have much experience with iTunes (so take this with a grain of salt), but I don't see why not. The Masterlink has digital out, so it seems like you could burn LP's to it's hard drive and then to iTunes or make a CD. It has choices of sampling rates and word lengths too. I have compared the HD recordings to the original and the Alesis does a pretty darn good job.
As far as editing, you can spend aas much or as little time as you would like. DSP functions include fades, EQ, compression, etc. You should go to the Alesis website and check it out further becouse it will do a lot.
Chris