Thanks folks! And to answer Hawgly's question these are the tracks we used:

Bluegrass Bass 592
Bluegrass Rhythm Guitar 598
Bluegrass Rhythm Banjo 589
Bluegrass Rhythm Fiddle 930
Bluegrass Rhythm Mandolin 432
Bluegrass Solo Banjo 433
Bluegrass Solo Fiddle 596
Bluegrass Solo Mandolin 436

I also used both of the Bluegrass Solo Guitar tracks to extract runs to add to different parts of the song as the Bluegrass Rhythm Guitar track is pretty minimalist.

There was a lot of cutting and splicing on the Solo tracks as I would generate four or five and via Garageband piece them together in a manner that worked best (I hope) with the melody that we wrote.

As far as the bass and rhythm guitar goes it would be less time consuming for us just to play the parts ourselves but it's fun seeing how far you can go with realtracks.