I think it's way too early for an API, and here's why:

- API's are generally only interesting if there are already some users, accounts, etc. to interact with.

- API's are not a main feature of the site (I could be wrong here of course) and are quite a way down the list. Fix the obvious problems first. I searched for Dire Straits and got no results.

- API's aren't used by a lot of people.

Basically what I'm saying is that you should get your priorities straight: An API has no value before the rest of your site works well, and has a lot of users.