Those chord-melody solos are actually easier without a pick, but Mel Bay is a plectrum method.
Yes your chords will sound more arpeggiated, because you'll be moving your pick slower in order to be accurate. You'll really improve if you take the time to do it right. Drag your pick over the strings you need to hit and let it come to rest on the next string. Some of those Mel Bay pieces are hard! If you're getting the 'Blue Bells of Scotland", you're doing well!
I think working through the Mel Bay (or any of several method books) is a really good way to learn your notes on the guitar. And even if you don't like the pick, it's really good practice.
You can start doing some classical music too, which doesn't involve that pesky plectrum!
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