Yes, but it doesn't have to be a tape. As boingoman mentioned, you can mixdown to pretty much any medium (tape, cd, whatever). If you've already figured out how to record and playback on the 488, then you've figured out the hard part. So, cheer up.
Your machine runs much faster than convential tape decks (boombox, car stereo, home stereo, etc.). You cannot simply take the tape out of the 488 and put it in another deck. It will always sound slow, not to mention bad.
You first need to record it on a convential machine (tape deck, cd recorder, etc.) that runs at the same speed as the machines you want to ultimately play your tape on. Do you have a regular tape deck? If not, do you have a cd recorder? If you have both, I recommend a cd recorder.