He played this at the Wandering Birds CD release show, and I quite enjoyed it. Didn't think it sounded like a Larry Arms song, though, but whatever. At least that probably means it's going to happen, which is great news!
Brendan tweeted this the other day so sounds like it's starting to move along a bit (at least in TLA terms haha)
Anyway I agree with the 1st poster the Wandering Birds album is one of my favourite releases this year and this song sounds awesome, I'd imagine it'll get the Larry Arms treatment of being sped up a bit & electrified