Good job Keith! The instrumental solos are worth waiting for. Vocals are good too. Since you recorded the entire song, I might suggest that your vocal inflections should change and build as you progress through the verses, but what I heard was fine and I would enjoy it had I heard it live.
As far as raising the key, yes I would agree you could afford to go up a few steps if you are comfortable doing so. I know that might change the whole character of the solos if you change keys, but try transposing first and if you like the higher key then you can work on raising the chords. Keep up the good work.