Unfortunately, the industry standard recording contract leaves artists with no rights over their own music. They can ask nicely, and a smart label may be reluctant to offend a cash-cow artist with a maverick streak, but legally the arrangement is totally one-sided.
"The band members have each earned about 1/3 as much as they would working at a 7-11". I'd argue its slightly better than 7-11; You get to do what you liked to do, plus rent/food has already been paid for.
I wonder if you can choose not to use the label's equipment so you can keep more of your royalties.
On the off-chance you haven't already read this: http://www.negativland.com/albini.html