It was pretty decent for a first attempt. Like you said, it's a little bassy, but still cool. Might want to tighten up the palm mutes on the beginning as well.
not to nit pick, but I didn't even notice the palm mutes over the fact that it sounded like the drummer was playing a different song. Don't worry about tone so much, get the songs down pat first. then you can play it on a banjo and a harmonica, if you want, and it still might sound pretty cool.