I saw them in 2008 and Lemmy said "this is a song by Thin Lizzy" and I had to wonder if he knew it was originally a Seger song or if he just thought that was irrelevant.
Generally I'm not a big fan of live versions of any band's songs...I just feel like live music is such an immersive experience that doesn't usually translate all that well in recordings. However, this is one I return to over & over, and I actually prefer this version to the album version, if I'm honest.
I really love live music, as it really shows how good a band is. However, I totally agree with you about Massacre here. There's something about this song and them playing it live that just kicks arse! Musically, their studio albums are fantastic, but let down by meh production. The only ones that really stand out for me are Vagabonds, Toni Visconti's ones (Bad Reputation & Black Rose) and the final two of Renegade and Thunder & Lightning by the late, great Chris Tsangarides.