It's not professional studio quality obviously given the parameters you're working within, but it is demo quality. ....and would better demonstrate an approximate live sound than a lush overly produced demo from a studio.
While the guy may have a point if you were approaching some of the big labels asking about a deal, his choice of words, his "Tone" of the response if you will, is incredibly discouraging and rude.
One thing before read in to his comments though, even the real Johnny Cash had more people dislike him than like him, the same goes for any major artist in country, rock and pop. Dust yourself down and move on from his comments.
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