Hi,
After reading more comments in this thread, it's fun to speculate. I'm just thinking out loud.....
I guess it's all in how this potential "tribute band project" is presenting itself. Do they seem organized? Do they have bookings? Do they have a website with "tour dates"? Do they have an EPK? Do they work with an agency? Is this an established act? Or is this a start-up?
I guess a fin is not that big of a loss to find out all these things but you should know these things going in. I won't give you a hard time if you pay five bucks to audition but be sure to find out what other financial responsibilities you'll be expected to take on. Some tribute bands and show bands I know of have "partners" and "side men". If you're a "side man" you get a flat rate per gig. If you buy into the partnership, one particular tribute band I know is a $30,000 buy-in, you'll get a partner's share of the net, after expenses and overhead (bus payment and maintenance, fuel, other travel expenses, food, insurance, etc).
Maybe it's just a few local dudes with an idea. If so, and you get in on the ground floor, maybe it takes off, and you've got a good thing going. Maybe. Good luck! Please keep us informed. Thanks!
Thank you for your indulgence,
BassCliff