Thanks again, guys.
I managed to get the LAME Encoder to work without the CD. I had to try 3 times, though.
So for the record (in case someone else gives this a try): make sure you select "SoundCloud - WAV" in the External Audio Encoder Setup before you click the "NEW" button and then type the settings from the screen shots (1st time I didn't care about the setting and it used FLAC, 2nd time I used MP3 and it asked me to purchase a Cakewalk MP3 Encoder upon export).
Now it works really sweet i.e. it exports and keeps the WAV file and then converts it to MP3 in one go for all mix stems