This would have been a mega hit in 1972 to 1976 but it was just too late being released in the fall of 78 -where the Yacht, Smooth, and jam band stuff wasnt front and center as much.
If you listen to what Eddie's playing -it's clear that Ted asked him to give this Waddy Wachtel treatment.
It's note for note Waddy's style -I mean uncanny (except the guitar tone)
LLL is an expert on this kind of stuff -what do you think LLL?