We don't know who put up the $100,00 etc., but I've gotten the sense that Reynolds and Marvin were a package deal in this transaction. Peel would have been a great choice for the Shane role, assuming he would have been interested. Wasn't he the guy rumored for years to be Shane's heir apparent?
It would have made a lot of sense for at least one of the new members to be a seasoned professional musician like Peel. We all like to play and sing, but those of us who have jammed with professionals know there is a wide gulf between a professional and even a very talented amateur. Pros are pros for a reason.