Nice procedure. However, I'd use some sort of flagging instead of a GOTO loop. If you combine the SET assignment with a query, you can return the status with extra variables.

eg:
WHILE @myFlag = 0
BEGIN
  -- check if job has completed
  SET @jobresult= ISNULL(SELECT b.last_run_outcome
    from msdb.dbo.sysjobservers b (nolock)
    where  b.job_id=@Jobid
    and convert(varchar(12),last_run_date,121)>=@lastrundate
    and last_run_time>=@lastruntime), -1) 
  IF @jobresult <> -1
    SET @myFlag = 1

END

Also, under what security context does this procedure get called, and how does that affect running the jobs?