This is pretty much exactly how I've traditionally etched boards, except I have a nice tank and bubbler system.
How-To: Etch a single sided PCB
No silkscreen, I normally spray with conformal coating. (which means when its coated, no more soldering) If I don't spray it, it eventually turns green, but thats ok.
Recently a guy posted a much better way on Instructables, I'm going to have to learn this. Stencils and solder paste is the way to go for sure.. And he has silkscreens which make it look totally pro. Now I have to finally get around to hacking that 10 dollar toaster oven in the basement into a reflow oven.