You have to actually be... you know, good to be in the Rock and Roll HOF.
Look at the inductee list. Their not even on there, and the bands/musicians that are have been around a long time, and are all talented. Metallica and Jeff Beck, among others, were making music long before those losers were even born, so the fact that they are even being considered in a rumor is bad enough.
I will never, NEVER, find the appeal in Disney musicians. In fact, the overall appeal in Disney itself has gone so far down the toilet in the past few years. They saved face a bit back in the late 90's/early 2000's when Toon Disney still had decent programming, but they even took that away, and replaced it with the crap their feeding people now (and, for some reason, kids are eating it up, and enjoying it).
Back to the subject on hand, there is no way this can be considered anything more than a rumor. If they ever want to be considered, they'll have to, for one, magically obtain some talent, and two, still remain a band for about, oh, I'd say 10-20 more years before they will even be anything more than an afterthought among people not into the crap that Disney is producing today.