Damn straight! I'll be remembering that iPod guitar every time I drag my kick drum out of the back seat of my 2 door car. That's one creative way to keep a blues man working through hard times.
I have played this way for 20 years and now make a living at it (started out with Multi Timbrel Piano).
It puts a ton of pressure on you friend - you gotta sing ALL the songs! But.. I play about 70 solos a night and Live Chops are different from practice chops - I find I have grown with this gig -
My advice - don't you dare forget about the band stuff! but... give it a go.