Here’s an obscure one:
Vocals - Buck65
Guitar - Bruce Cockburn
Fiddle - Ashley Macisaac
Drum’s - whoever was Bruce Cockburn’s drummer on “Rumours”
Bass - whoever was Bruce Cockburn’s bassit on “Rumours”
Forget the music- I 'd put the following band together and see who kills who first:
Vocals: David Lee Roth
Lead guitar: Robert Fripp
Bass: Sid Vicious
Drums: Buddy Rich
Dave: Geez, Fripp, can you possibly play something that doesn’t suck? Or, barring that, something that sucks for less than half an hour at a time?
Fripp: Well, that’s precisely the sort of philistinism I’ve come to expect from you, Mr. Roth.
Sid: Oy think yer BOTH a coupla bleedin’ wankers.
Buddy: Ah, NONE of you kids can hold one of my sticks. Or my dick, for that matter. Shaddup before I kick all your butts.
Dave: Ooh, big talk from a guy in a turtleneck…
P.S. I KNOW it’s too late to kill Sid or Buddy! Still, it’s fun to imagine the brawls that would have broken out at a recording session with these guys!
Small correction:
Fripp(getting up from his stool and pushing his glasses down slightly): Well, that’s precisely the sort of philistinism I’ve come to expect from you, Mr. Roth.
Surely this band should include Liam Gallagher on tambourine, no?
My supergroup would have to include Nina Gordon (guitar/vocals), Melora Creager (cello), Kim Deal (bass), and Greg Dulli (vocals). Dunno who should be in the group for drums, though. Butch Vig?
Drums - Stewart Copeland
Percussion - Ray Cooper
Bass - John Entwistle
Rhythm Guitar - Malcolm Young
Lead Guitar - Ritchie Blackmore
Lead Vocals - A revolving lineup consisting of: Steve Perry, Dennis De Young, Steve Marriott, Rob Halford, Geoff Tate, Jeff Buckley, and Peter Garrett
Let the wankfest begin!
Forgot keyboards - Greg Philinganes
Mel Torme and/or Anita Baker Vocals, backed by the others
Ringo Starr on drums
Jerry Garcia, lead guitar, calls next tune
Keith Richards, rhythm guitar
Paul McCartney bass
Bruce Hornsby keyboards
Lead Vocals: The incomparable Freddie Mercury, late of Queen. Nothing compares to that voice.
Lead Guitar: Pete Townshend, of The Who. Great guitarist.
Other Lead Guitar: Brian May, Ph. D., of Queen. Because I can’t relegate either of them to rhythm, and because he can sing harmonies too.
Bass Guitar: Paul McCartney, of The Beatles, a solid bassist, good vocalist, and excellent songwriter.
Drums: Charlie Watts, of The Rolling Stones. Actually, I don’t know shit about drummers, but he seems good.
Keys: Dennis DeYoung, of Styx. Fantastic skills on the keys, and creditable backup harmonies.
Harmonica: Bob Dylan. I hope he writes lots of songs without harmonica parts.
I would hope so, too! Dylan deserves much respect for his songwriting, and probably a few other reasons, but I don’t dig his harp. I only give him credit for being able to play harp because, presumably, he can duplicate at will the noise he chooses to make for each song. Good god that’s bad harp. Clearly you only want him for his songwriting(though I can’t picture Freddie doing a lot of Dylan songs), but I respectfully recommend ANYONE ELSE for harp. 
Because I never get to talk about it, and because some ppl thing Dylan IS a good harp player, here are a few possible replacements. I like Jason Ricci or Wade Schuman for your group, as I think they’d be a better fit for non-traditional use of harp. Lee Oscar might work as well, as he used the harp like a horn in his work with WAR.
Norton Buffalo
Wade Schuman
Jason Ricci
Sugar Blue
Buddy Greene
Magic Dick
As for the rest of the band, I wonder who would be the bigger prima-donna: Freddie or Dennis? If they could get along, it would be wild to hear what kind of wacked-out theatrical production they’d come up with. Late 70’s-era Freddie and DeYoung, yeah, I’d like to see that, along with early 70’s Townshend and McCartney. Geez, with that line-up, I think you have the songwriting covered without Dylan’s help.
No, you had it right; Dylan isn’t a great musician. He is one of the best songwriters of the century, though, which is the genius of groups like The Traveling Wilburys: Dylan writing without singing. But certainly I could have filled this group out with just musical talent on one instrument easily- I figured I’d like to see more than one lead singer, and I absolutely love having solid harmonies. But I did put this together with a particular emphasis on songwriting and harmonies, so I hope that would come out no matter what.