Seems a little janky to me. Would probably have better success if he had "incentives" for people. Granted, they would cut into the "profits", but... yeah. Donate $20, get a free download of the album when he puts it out. Donate $40, get it on CD, etc. Looks like he's wanting to take money from the fans to get the project done, then going to expect them to shell out money again to buy it.
Not to mention that I've heard from someone who has an in with several local artists and producers, that he has the necessary equipment just sitting in his basement.