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I'm looking at CD Baby as a possibility for marketing the band's music. Is anyone here familiar with it? Is it worth the time and money? http://cdbaby.net  http://cdbaby.com

I've bought CDs from there. 

Thanks Sneaky for the input.

It couldn't hurt but it's unlikely to net them much money (or fame).

What would you suggest instead of or in conjunction with keeping in mind that their marketing budget is very limited?

You might want to look for  an independent producer who is willing to invest in them. Otherwise, it is a matter of money to produce and market your own music---which may or may not pan out. JMHO.