In a way, I can see why they're doing the album as a means to promote the act and get an idea into peoples heads of what it'll sound like should they go to see it. Personally I'd prefer them to just release a live album/soundboard than a studio deal but it doesn't really bother me too much, i've seen plenty of acts do "Tribute To" albums before, be it an ensemble or just one artist doing it and they can be really good and it's sometimes interesting to hear an alternative take.
On the other hand, there is a part of me that would also like to see the Celebrating Meat loaf project go beyond being a tribute, and I don't know the legalities and such behind all of this so this might be nothing more than a fans pipe dream, but I'd love to see it used to not only carry on these performances but also prevent things from the Meat Loaf vault, to celebrate that legacy a bit more, maybe use the social media space to promote the many of Meat Loafs past albums or songs.
Educate people on that history of music, you know have things on a Friday like "Oh, Bat Out Of Hell 1 and 2 are some of the biggest selling albums of all time, but did you know about this gem from the library" and post up Read Em And Weep, Surfs Up, Did I Say That or whatever else.
Or eventually build up to releasing unheard material/demos
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