You might want to check out the Container Forum. I think that Al is generally considered the 'go-to-guy' on container soils. http://forums2.gardenweb.com/forums/contain/

Here is a link that might be useful: Al's container mix

Compost and mulch are two very different things, although many people do use compost for a mulch. All of the potting mixes I have seen are soil less, mixtures of peat moss, bark fines, perlite/vermiculite, sometimes coir. Some of the commercial mixes may have fertilizer added while others do not which means you need to feed those plants somehow.
How bags of "stuff" that are sold in stores are labeled often has little to do with what is in them, most labels are meant to confuse you and anything labeled "Organic compost" or Organic mulch" means nothing at all and is simply a marketing ploy.

Will the plants grow? Probably. Will they grow well? Probably not.

Compost/mulch is not a recommended container medium. It is too dense, continues to break down or decompose and becomes compacted, impacting drainage and aeration. Proper container soils need a good textural component that holds up and allows for proper drainage and aeration. I'd venture that most bagged container potting soils will give you better results than planting directly into compost but the suggestion to visit the Container Gardening forum and check out their recommendations is an excellent idea. Especially if your situation restricts you to container gardening.