I think it's a great idea. Using melodies from other songwriters/composers has been a part of the western music tradition for centuries: Brahms writing his Academic Festival Overture with melodies from a bunch of drinking songs, Tchaikovsky using both the Russian and French national anthems in the 1812 Overture, both Brahms and Rachmaninoff having pieces titled Variations on a Theme by Paganini, basically the entire history of Jazz music, half of the discography of Led Zeppelin, etc. It seems the logical continuation of this tradition in the digital age would be make samples or sound libraries available for other artists to use. Music is the most collaborative form of art after all, and copyright laws only serve to hinder that while enriching a select few -- with those few very infrequently being the actual artists.

Quick plug for King Gizzard and the Lizard Wizard, who released their album Polygondwanaland for free, including the vinyl masters. So anyone who wanted to could press their own vinyl of the album with their own album art and even create their own music videos. There were a ton of small record labels who made their own prints with super cool designs.