Beatles bootleg expert Doug Sulpy poses this question on his 910 newsgroup and I have to agree, what happened to this project?
In slogging through some old files today, I found the samples from the unreleased Bonzo Dog Band tribute album ("Work in Progress") which surfaced in '03.
On this, George sings "Doing The Bonzo Dog." In a contemporary article, Producer Gus Dudgeon mentions a re-make of The Bonzo's "Jollity Farm," with Ringo taking the vocal and George accompanying him on ukulele (the version on the sampler, though, seems to be entirely different and lacking both ex-Beatles).
So... has anyone heard anything about this since it dropped off the face of the Earth six years ago?
I wanna hear it!