I tried that a couple of years ago. You still need a preamp to get the sound into the imic. I bought a cheap integrated amp (for $50) from Radio Shack and used just the preamp. I ran the output of the preamp into the imic.
I don't use the imic any more. It worked pretty well with a Mac but doesn't work that well with XP.
The process was a serious pain in the neck. Getting the tracks separated at the right place, starting and stopping the LPs etc. I ended up buying CDs for the LPs that I wanted to be digital and just converting the LPs that I had that didn't make it to CD. It just wasn't worth the effort.
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