@RadiantDarkness First, thanks for taking on this daunting task! Second, have you considered adding show notes to the set lists when songs are covers, and noting the original artists?
Oh man... this is always a tough one. I'm personally inclined NOT to state that it's a cover each time it is played, but I could easily be outvoted if the community wanted to see it that way. I could even imagine putting a personalization option in to support YOU deciding that you wanted it that way or not.
With that said, I'd really like to add more info on the setlist page. I'd like the show's notes to be there and I'd love to get it to the point where mousing over a song got you more info about it. But we've got bigger, more fundamental parts of the system that we need to finish shoring up.
I keep saying, "Bear with me..." when people make feature requests. There are a bunch of guys in the inner circle that know how much I work on this and know how passionate I am about getting it right. I promise you that the site is under serious active development and new features are coming. All I can ask is that you are patient and understanding. Pretty much everything you see on the spaffbase was built by me, working in my 'free' time. The forum is an off the shelf product but the rest is custom built. :)