My turn to say something obscure...
F/E is an inversion of Fmaj7, with E as the tonic, as everyone has pointed out. The associated mode has to be E Locrian. Not Phrygian.
But if you get out a guitar and do the fingering for F/E, you'll see all the played notes are also found in E Phrygian. F/E just happens to only use notes common to both E Locrian and E Phrygian.
So if you used E Phrygian over F/E it would sound fine, but it would imply a key change from F to C, which might not be cool with any bandmates who are playing an F Ionian scale run. On the other hand, if you're playing jazz, everyone will think you're awesome.
Hi Gary,
I think they use common notes in the chord but not in the scale. Locrian and Phrygian might sound similar because of the b2, but they will be different in the 5th
Correct me if I'm wrong, I'm new to this and don't have my bass here with me to check
Cheers