Think you've answered your own question there.
Whatever the situation is, it's an interim appointment so, if it doesn't work out, they can let them go. If it does then they can consider them for permanent positions. In the meantime they'll be looking at alternatives (or should be). I would imagine that the deal will be until January, giving them some time to get results and giving the BOD some time to consider others (without jumping in and making a hasty decision on appointing some of the shitey names that have been mentioned).
Apparently McCracken's position at Peterhead is still there if he wants to return and I would think that Lee's financial position is probably robust enough to allow him a month or two with no work therefore putting him in a position to take the chance that's on offer. His deal at Livi would surely have expired in May anyway?
These two guys obviously think they can work together and have enough belief in their ability to think they can make a success of the opportunity. I'm confident that they will give it all that they've got anyway.