O...K... I'll play.
I don't want to choose the song though. Let's give it until June 1st to get the song and all the ground rules together. I like that it should be something newer, maybe even something none of us has yet played or recorded.
I'd also like to minimize the layers of recording. Multi-takes to make your song sound "passable" to you really takes away from arranger playing, which is mostly a live activity. I would say record only as much as you need to make it sound like it would if you were playing it live. If you want to dub in a self-made midi fil, backing track or mp3, that's OK as long as that's how you'd do it live.
Let's hear some song suggestions and start working.