Brad, just make the CD'S Manufacture-on-Demand. I'll buy at least 5 copies.
If you read the chapter of "Becoming the Beach Boys" that delves into the various lawsuits surrounding the Morgan tapes, and specifically the canceled "First Wave" set, you'll find that this might be impossible. (I don't think the book addresses public domain ramifications, and I'm not sure anybody is totally clear).
I believe the book also outlines that Morgan sold the copyright to the stuff he still retained copyrights on (which means essentially the stuff on "Lost and Found"), but still retains the physical tapes. Presumably BRI owns the copyrights to all of the "outtakes" (meaning all the stuff on "First Wave" that wasn't on "Lost and Found"). So you'd have to probably get both BRI and the company Morgan sold the copyrights to (BUG I think, eventually bought out by Universal?) involved, and also get Morgan to hand over the physical tapes to master a set (or I guess just use Steve Hoffman's mastering from "First Wave").
I don't know if the recordings would fall under some sort of public domain category where they could all be released (not sure where the reasoning was at concerning that attempted CD last year, which had the appearance of simply holding back bits of the tape for the sake of holding it back, perhaps for a "Vol. 2" later on or something), but if that ever happens, it won't be by resurrecting a very similar sort of "fundraising/crowdsourcing" program targeted at the same fans that were fudged back in 2000, and involving to some degree (even if only liner notes) the person who many of those fans feel fudged them.
I think the comment mentioned earlier is correct. If the "First Wave" set had just been thrown out there without so much promotion and pre-sales, then even if had been recalled due to lawsuits, it would have made it out there long enough to "exist" among regular fans and the thing would be proliferated in a million different ways by now, legit or otherwise.
It's ironic for me now, because I've never really been entranced by the "Lost and Found" CD (I have it and value it very much as a scholar and fan of the band of course), but now that I'm delving into Jim Murphy's "Becoming the Beach Boys", a release of all the session tapes would be the *perfect* companion to the book. As it is, I'm anxious to dig back into "Lost and Found" with a ton of added info and context from Jim Murphy's excellent book.