You're correct in that you own the copyright on things you create with BB and are free to use it commercially as you see fit.

However, while chords and progressions are not copyrightable, if you are covering an existing song, that falls in the "you need permission" category to use it publicly regardless of the income or lack thereof that you get from it. Yes, you can copy the song's chords and use them but if it sounds like the original.... you're not protected from the copyright law requirement to get permission in the form of a license. Most of the 1-4-5 R&R songs are easy to variate into something that's not a direct copy. And.... yep, you can fit 100's of songs into the same R&R progression. One cover band I played in did a medley of songs that ALL used the same exact chord progression..... lots of grey areas for lawyers to ply their trade at your expense.

If in doubt...... get the license.

You can find my music at:
www.herbhartley.com
Add nothing that adds nothing to the music.
You can make excuses or you can make progress but not both.

The magic you are looking for is in the work you are avoiding.