The much-acclaimed guitarist also worked with Atomic Rooster and The Electric Gypsies among others.
The exhibition will run from 22 June until 29 September at the Birmingham Museum & Art Gallery.
The concerts have been postponed while the Black Sabbath legend battles a severe upper-respiratory infection.
The new bench will be placed on the renamed Black Sabbath Bridge on the city's Broad Street.
The festival will also feature Disturbed, Shinedown, Steel Panther, Bush and other notable acts.
The Jack Bruce/Pete Brown composition from the 'Disraeli Gears' album gave the band their Hot 100 debut.
The best Rob Zombie songs take a trip through the eye-opening career of the larger-than-life heavy metal legend for whom where are truly no boundaries.
Steve Winwood plays the organ, Ozzy Osbourne models a Christmas jumper and Smokey Robinson remembers a holiday Motown Revue.
George Clinton's Parliament-Funkadelic, Sam & Dave and Julio Iglesias are also among the 2019 honorees.
This will mark the first time Megadeth will join Osbourne for a full tour, although they have performed together previously at Ozzfest and other festivals.
KORN'S Jonathan Davis, Body Count featuring Ice-T and Zakk Wylde's Black Label Society are also on the festival bill.
The exhibition features portraits from the Home Of Metal Black Sabbath fan archive and memorabilia sourced directly from the band members.
The 2019 event will take place in March in Sydney and Melbourne.
The Black Sabbath legend will play seven dates under the No More Tours 2 banner and will be joined on the road by Judas Priest.
The auction features 666 items in total including a Charvel guitar, a painting and numerous items of clothing.