Logo critique.

I joined "Your Design Forums" to try get a little feedback on the work that I am doing, I didn't really expect very much, but over the course of the day I got a lot of positive and critical feedback.
Here's my question:
"I am creating the visuals for a new cassette only record label.
Here are some ideas for the logo that I have been working on. They have to be simple enough to be read when scaled down to fit on a tape, but also to use on a web page."

Some of the feedback:
"Why not try to work on the 'owl' bit of the name. I can see where you're going with the waves, but would be a bit worried that as the logo got smaller, the waves would confuse the lettering and you'd end up with just a blob - if you understand where I'm coming from.

Also, by working on the 'owl' bit you could then have an image that can go on its own, through on all media, ie. letterheads, business cards, website, etc...."

"One thing that annoyed me though, was the L's with the curl on the end - they make me think of notes. I also think the spacing in some of them is too great; it looks better when they are sort of mashed together. A quick idea: maybe you could use the 'a' and the 'O' as the base of a pair of owl eyes?"

"You could try to play with different positioning of the two words (i.e. moving OWL down, and a little towards the left). But I also think they look great as it is." "I'm diggin the last one most. I love how you're drawing over the type by hand, I think it fits the subject matter well. It feels pretty well balanced but I would do as others suggested and not connect the two words, plus the O needs to be a bit closer to the w." Really helpful stuff. I am going to have a go at tackling the issues and see if I can come up with something to post again.