I totally agree that a second album would almost certainly have been an improvement.
I also really (really!) wish Mike and Tony had chosen to re-record all of the songs on Calling All Stations once they had hired all of the musicians that played on the album. Making everyone just overdub on top of the duo's demos led to the album feeling a bit stiff and flat. Had they gone back to five guys playing in a room together I think those songs would have taken on a bit more life.