I think that the idea of a tribute album is to have bands do good versions of the songs, but to put their own personality into the song, so I think that almost all of the suggestions are good. (An Opeth-style version of Dressed to Kill would be freaky. Mellow acoustic on the verses, then crunchy guitar and growling on the chorus.)
The only one I really have an issue with is Metallica being on there. I mean, don't the bands have to actually be able to basically play the songs? I'm tired of ripping Metallica apart for that "St. Wanker" farce, so I'll just leave it at that.