It's funny (or sad) that Pete, the leader of FOB has had the worse luck post FOB. Divorce, check! A band that'll never see a proper release, check! At this point he should just give away all the songs they've recorded and disband... from himself!
Just because Pete was the "leader" as you put it, of Fall Out Boy, doesn't mean he had much to do with making good music beyond writing the lyrics. It was pretty evident back then that Patrick and Andy were the reason why FOB was so great, and it's even more clear now.
That being said Fall Out Boy is my favorite band and it sucks that this project didn't work out for Pete, but the potential for quality was never really there.