In reply to:

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1. let's dance was in the can, but not submitted to RCA.

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Because it was recorded after his RCA contract had ended. In late 1982 and early '83 while recording the album Bowie was without contract.

I don't completely buy the idea of Toy being simply a ploy of getting into the contract, as said he poured a lot of time and effort into the project, and seemed to have been genuinely excited about the recordings. According to Tony Visconti he was "hurt terribly" when Virgin refused the album.

But then again, if he was so excited why hasn't it been given a full release now that he could do it?

KArt | Project Michelangelo | LiveJournal