It's not a crowd-sourcing project. Not all Pledge campaigns are. The album is completely finished (also hilarious) and has been for some time.
This is just a way for Erik to give anyone who pre-orders his album a way to access exclusive updates / stand-up bits / videos / track premiers / etc directly to anyone who pre-orders, whereas doing so otherwise would be a logistical nightmare. Think of it like an interactive pre-order.
Umm it is 100% a crowd sourcing project. The album is done, but the physical items he is selling have not been manufactured. With the money raised he will make the products. A comedy album can not cost much to record.
As for the logistical nightmare you are really over thinking things. If he wants to send special updates he can send anyone that orders the record an email with a code to check out the stuff. It isn't very hard.