This may not be black-and-white copyright infringement, but YouTube may still swing a big stick. It's in their best interest to overreact because (1) they are not starved for content and (2) YouTube needs to be on the good side of millionaire artists and media corporations. One major class action suit could shut them down like Napster v.1.
So...
You could have troubles if you brand a video lesson with his name. The video content may be original and unlike any copyright material produced by Prince, but you can't leverage his name to market your videos or imply that he approves of the content... which may also link to your subcription-based online guitar lessons. Prince's legal team can infer that you are using decades of Prince's hard work and well-established brand identity to generate your own income without residual compensation or royalties for the Crown Prince of Minnesota.
I had a friend who wanted to use YouTube for a series of self-produced "DeNiro Acting Lessons." The idea would have been quashed PDQ because they were intended to teach legitimate DeNiro-inspired acting techniques. He wanted to use his hero's name so he could generate hits and google search results. Even though he would not charge for these lessons, he would be infringing upon and possibly devaluing Robert DeNiro's brand identity = not going to fly.
That said, if my friend's video clips were classified as parody like an SNL sketch, he would be protected and could get away with it (thank you
Larry Flynt!).
Anyways...
Solution? Give the funk guitar video a more generic title, then in the content description reference that the music is inspired by Prince
and 2-3 other artists. You can reference Prince, but you will draw fire if it seems that you're leaning on him or relying on his name.
You may also consider some sort of legal disclaimer on your video descriptions like: "Although the work herein was inspired by other musicians, it is original material produced and copyright by DolphinStreet..."
Yeah. Don't quote me. I'm not a lawyer. I would find someone who has already written a decent @$$-covering disclaimer and copy it. (Irony duly noted.)
The other beauty of the legal disclaimer is that it may help your protect your copyrighted material.