I think there should be an option to list the band members who recorded the release under the individual release page, to put it simply it would display the track listing, then notes, and finally the members on the release. some bands go through a lot of members and sometimes (when its there which is rare) the years displayed that they were active in the band just isn't enough.

I agree. A credits listing on each album's page would be very helpful!

Some albums already have the line-up manually added in the additional notes. There will be improvements in this area with v2, see the relevant thread.