First, if you are a layman and interested in copyright laws and how they apply in the real world, I would strongly suggest following Mike Masnik's blog at www.techdirt.com. They discuss copyright and trademark cases, and frequently have guest posts from analysts and lawyers. Fascinating stuff.
As for the Olly Moss t-shirt design (keeping in mind that IANAL), it could easily be considered a "transformative work" - when an artist uses a copyrighted work or item as a base and then adds sufficient elements to it that it is considered a new work. Remember the Obama "Hope" poster image from his first campaign? That was based on a photo, the rights to which were owned by the original photographer (or the magazine that was paying him; the rights in this case got sort of ugly); however, the poster artist was granted copyright over his work, because the modifications were sufficient to consider the work unique on its own merits.
Now, would this be enough to allow GB or Olly Moss to profit from the tribute image? Who can say - most likely the lawyers, if they were involved, would probably say why bother taking the risk in the first place. Remember, even if you win, going to court ain't cheap.
If you are interested in this stuff, I recommend checking out techdirt.com. Unless you have high blood pressure - cause some of the stories about copyright & patent trolls on their are absolutely infuriating.
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