Hey , thanks for all the input. I talked to a friend who owns a local record label, to see if he would be interested in backing this up or something. He told me its a great idea but that I would have to contact Earache records, since they own the discography.
Anyways, over the course of the next few weeks I will go ahead and track one of the songs from the first album(guitar,bass,drums), so that I have something to send Earache when I do contact them. I'm pretty positive that they would allow this to happen.
For distribution I was thinking a "pay what you want" system(with a minimum of 1$) for the digital tracks, and maybe even a special vinyl or CD version for the hardcore fans. All proceeds are still going to go to David's family. I'm sure Woods fans across the world would love this idea.
I'm glad this got so many views and positive feedback, I may be contacting some of you in the near future for some vocal tracks. I think its great that as a community, we can do this project, and come together to provide an awesome tribute to a great guy.
After I hopefully get an okay from Earache, I'll be back here, and if anyone has any ideas for any specific songs that they would be able to contribute on, I will be more than happy to help, again, with guitar, bass, and drums. It will be a great learning experience musicianship-wise, learning all the songs by ear, and I would like the album, if it happens, to be as diversified, and filled with as many different musicians and fans as possible. What with the increase in the digital technology, I am positive that people from around the world could come together and make this a very special, intimate, and a true to the band album.