Seems like extra trouble to me, and the end result is going to be a CD album with generic 2-second gaps between songs. You really want to be able to adjust those gaps for best continuity, e.g. setting a gap equal to one measure of the previous song. You may even want to blend the ending of one song into the start of the next song with no gap at all, a technique that works well if the adjacent songs are in compatible keys.
Here's an alternate method. First, export each song to 32-bit wave files, each mastered in their original projects. Like you, I load these into a fresh project for mastering (be sure to un-check the "copy files to audio folder" option). I arrange them on a single track, in the order they'll appear on the CD, adjusting the gaps between each song the way I want to hear them. If necessary, use a volume envelope to make small adjustments so they're all at compatible levels to one another. Since they're already mastered, they'll all be pretty close already.
Throw a HPF onto the track to filter out subsonics. Now you're ready to export the whole CD project as one big 16-bit file. After exporting, I like to pull up the master file in Windows Media Player, sit back and listen to the whole thing, or at least the transitions between songs. In this way you can audition the CD exactly as it will sound when finished and burned, but without actually burning a disk.
Because all the songs are in one large file, you'll use your CD-burning software to indicate where each one starts. When you burn a CD, it's always one big file even if you started with 16 individual wave files - that's just how CDs work. The "tracks" on a CD are an illusion; what the CD really has is one data file and a separate list of time offsets for each song. All CD-burning applications (except SONAR) allow you insert those indexes before burning, and to save them for future re-use as you go through multiple test iterations.
I think you'll find that this method is a little faster than exporting each song separately, with the added advantage of giving you more creative flexibility in sequencing your album.