No! Hell no! Nobody who has ever been associated with The Eagles (and who isn't named Joe Walsh) should ever be allowed in a studio again. Henley is a hack. His main claims to fame are his inhumanly earnest sincerity and the fact that he slept with all sorts of much more talented women (Stevie Nicks, Pat Benatar, etc..). He was a competent drummer but there are about 100000 people in the US who are better than he is. America has way better choices than this for its supergroup.
