My friend John Williams did this like 4 years ago,(not the song Jump, but hard rock bluegrass renditions) but he had success at it. This will flop.
John had a band some of you may know Hayseed Dixie. Started out doing covers of AC/DC Except they had a marketing ploy.
http://www.hayseed-dixie.com Whole thing had a back story. John actually played, sang and recorded the whole first album himself then he had road musicians that played the parts. I recorded 4 or 5 tracks of some of my older songs I wrote at his studio.