Leandra Mimetes wrote:
As a project just for fun, I have no problems with it. In something more serious (i.e. hoping to be published) I'd be a little more cautious.
Indeed. Caution is almost
always wise when dealing with something that's going to involve real money.

But a principle I picked up in a workshop I attended on copyright law for folk musicians might be useful here: It's fairly common practice for a professional or semi-professional folk musician to let others in the same position who are his friends play his original song (or one of his arrangements) on their albums, in return for them letting him use one of
their songs on one of
his albums. While the situation is not the same in fiction (using a charater or a setting in a novel is vastly different from just playing a song on an album), so I'd want to have some sort of quality control and otherwise be in on the process, I think a "swap" like this could be a reasonable arrangement.