erm...here

"See for Paley's empathy with Wilson's craft also: 'This Song Wants To Sleep With You Tonight' (only available on a Swedish CD-single with 'Til I Die' on it."

Also available on the Do It Again single off IJWMFTT

Same CD single.    Not a US release.

Okidoki. And with a brilliant cover photo. And I have it. 

Hiya Jay -
I don't know all the details, but here's my two cents. Andy Paley (of power pop duo The Paley Brothers) has been a longtime friend of Brian's. (Together with brother Jonathan he recorded an LP around 1979; the Ramones collaborated on Richie Valens' 'C'mon Let's Go', but the true standout track is 'Rendez-Vous', where the guys out-Spector mr. Phil himself. It was released on Sire, and to my eternal shame I sold it when my mind was temporarily AWOL). More about him later.
In the mid-'90s all kinds of rumours were flying around, most of these were eloquently written down in UK magazines Vox and Uncut. Both issues are in my possession.
One storyline had it that Sean O'Hagan of the High Llamas had flown over to L.A. to discuss a collaboration with Brian on new material. But this project was still-born, and nothing appeared over the counter or otherwise that I know of. It might have to do with a certain Joe Thomas being not too bowled over about the plans.
The other concept did eventually bear fruit. Paley and Wilson did record a full album's worth of songs, but in what state they finally got left is not so sure. Some are clearly demos, others are more complete. The cycle of songs ended up on the bleg market as 'The Wilson/Paley Sessions', and 'Slightly American Music' (the latter being a true CD in a true digipak cover). I agree with you: had this material been fully realized there and then it would have been a superb latterday Brian album, easily surpassing his other solo material (bar 'SMiLE' that is). 'Getting In Over My Head' is fantastic in its original incarnation, for instance. See for Paley's empathy with Wilson's craft also: 'This Song Wants To Sleep With You Tonight' (only available on a Swedish CD-single with 'Til I Die' on it.
I hope AGD can add some facts here. I can only follow my intuition and guess that Joe Thomas and Mike Love were more successful in pressing forward another project: 'Stars 'n' Stripes', sort of a very forced reunion if you ask me. Love's longtime infatuation with C 'n' W could be a pointer here. But it's also clear in the video material with this album that Brian speaks in a very coerced, unspontaneous way to Mike.

...to all assorted supporters, fans, geeks, nerds, buffs, historians, and the occasional passer-by who's lost in cyberspace. Hello!