I agree with cclark413, It needs a little work, try to use pre-made shapes, i.e. ovals, squares, etc. instead of hand drawing them with heaven forbid a pencil or pen. The reason being, it is one quicker, two cleaner/crisper, and three easier to use pathfinder (if you are using Illustrator, pathfinder is your friend, I know it's mine!).
In my opinion it depends on what look your going for. If you're only limiting yourself to this "rule" or reason then you are just limiting yourself as a designer.
I also agree with him on the font. While I was in college, my instructors always told me to never create your fonts, always find one that is the closest to what you want to use. Should you need to make a couple changes (like making the G into a handle) it is easier to make the changes to an existing font, and still have the font look like it's a true font. The point was that drawn 'fonts' are not as "professional" in appearance, as an altered actual font. Also they advised me to try to stay away from 'hand-writing' fonts, but that is an opinion i believe, because there are some really well done 'hand-written' fonts, and you can find them at font websites. Just watch the 'rights to use.'
If you have the ability to draw your own text then I say do it and again it depends on the look your going for.
Yes it is true that you can find a font that will look almost like what you want but you can get professional looking text if you take your time and make it right. Not all fonts work and some need alot of work w/ kerning and things like that. sometime I've modified a font to the extent that you couldn't tell what it started out looking like and would of saved my self alot of time if I'd just drawn it in the first place.
NEVER put yourself in a box like this! Yes it's a good idea to make things quicker and easier but sometimes you just can't go with your premade shapes and fonts.