It's never a good idea to use software to transpose a song/track. Generally, there are artifacts that just make it sound bad. The background voices really gave it away.
The better way is to record it in the proper key. That's what Sonar is designed to do. If you can't play the instruments needed to do this, you can always ask others to help or check out
http://research.microsoft.com/en-us/um/redmond/projects/songsmith/ since it will do the music for you.
Personally, instead of hearing you try to imitate 2 really famous voices..... sing it in your voice and establish your own reputation as a singer. Your Elvis is closer. The Willie wasn't. Cut back on the reverb.
Nice idea and concept, but I think, perhaps you should record it again and use tracks that are in the proper key to start with so you can sing it naturally, and in your own voice.