What a beautiful melody. To think most people went decades not hearing this version while it was just floating around the bootleg circles. That's what got me addicted to bootleg and demo tape trading back in the day. You find a demo tape from a great band and hear all these amazing (or maybe terrible lol) versions of songs you would later hear on well known releases and it was like a little known secret lol
I pretty sure this is like his fever dream interpretation of what him meeting Elvis would have been like. I don't believe he actually ever met Elvis bc by the time Elvis was willing and able to meet Bob, he was lame and doing those cheesy movies in the 60's.