Hi Bill,
I was in a similar situation a few years ago. What was different here though was that band work was getting harder to come by and the OMB market was exploding for me. So it was a no brainer. There was no formal break up of the band, I just let the bookings dwindle down. The drummer is now playing in a jazz trio and the guitar player is in a heavy metal band and I'm in OMB heaven with a lot less headaches. In your case it's a tougher call since you still have a market for it. Good luck with whatever you decide.
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Songman55
Joe Ayala
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PSR S950, PSR S900, Roland RD 700, Yamaha C3 6'Grand, Sennheiser E 935 mic, several recording mics including a Neuman U 87, Bose L1 Compact, Roland VS 2480 24 Track Recorder
Joe Ayala