Leadfingers and I attend the same sessions and I can safely say his covers are nothing like the originals :-) and neither are mine. In that respect I agree with M.Pender, use the material but find a new approach.

We do have musicians who 'cover' songs to the nth degree, every riff, vocal mannerism ect. On some classic songs this is unavoidable, perhaps even required. I personally avoid Youtube, Spotify if possible when introducing song ideas to friends, rather learning and passing on a revised version. Its all subjective.