There are some standouts from the Wilson/Paley sessions, but I do think it's a bit romanticized among the fanbase. Even if the BB recorded those songs for an album in 1995, I really don't believe it would have fundamentally altered their career trajectory. Maybe some buzz in indie circles, maybe fleeting top 40; but I really don't see any of that material as chart topping material, even though there are some great songs present.
A few things to consider:
1) How much of these songs are Brian and how much are Andy with Brian being there? I think Brian was more involved with this material than some of his later solo releases, but perhaps a lot of these songs were more written by Andy than Brian.
2) Carl had the right to be skeptical of Brian's ability to do an album. I'm sure many here have seen this Brian interview from 1995:
https://www.youtube.com/watch?v=WUHUGXDIhz0 This is the worst I've ever seen Brian. Overweight, chain-smoking, grimacing frequently, struggling to be coherent. I think this interview is one of the few times fans can see what Brian's mental illness is like behind scenes. Carl had already seen Brian get used and abused several times prior and probably felt that Brian couldn't produce an album again.
3) Melinda did not like the Paley material. She said it was good therapy but not something to be released. I disagree with that statement, but it's important to discuss in why this material was never completed back in the day. I'd much rather prefer this as an official release than Stars and Stripes or Imagination. They did re-record some of these songs, but done in the style of Joe Thomas.
god I love seeing people so incredibly wrong