John,

Great minds think alike. I would think this is pretty standard, do the demo, pitch the song, if anything happens they take the publishing, if nothing it all reverts back in one or two years. I would think there would be very little problems.
PV,something you might consider is letting myself and John here, if he is willing to give independent comments on the song. That way you might find it could fit into his perview which is more Television and film based, or my expertise in the more country oriented market. might help you.

MAB