Nothing wrong with that! Colour and guiding all look good. Of course it's burnt out in the centre which tends to happen with M42. People often combine a short exposure and a long exposure of M42 to get the full dynamic range. Here's one way of doing it:
http://starizona.com/acb/ccd/software/ps_dynmask.aspx
I would also recommend giving Eta Carinae a try. I've always found it very forgiving.
In any case I think you've started out really well!
Cheers
Steve