A clever enough gimmick song that probably went over pretty well live. Don't know if there are alternate verses, or whether he just used confederates in the audience to feed him the answers he was looking for (though the choices offered to the listener aren't really all that broad).
While unsuccessfully searching for an actual live recording, however, I found a fascinating discovery by one "MSSTUDIIOW." Listen and have your mind blown, man:
Pretty trippy, huh? Also, if you look at the cover of Words and Music By Roger Miller upside down in a mirror while striking yourself on the head repeatedly with a seasoned cast-iron skillet, you'll see the phrase "Paul is Dead, and I don't feel so good, either." Go ahead... try it! Let me know how that works out for you.
POSTSCRIPT: I still couldn't find a real, live performance "in the wild," but I did find him performing it on The Dino Crocetti Show:
There's no significant deviation from the record here, but it's still worth a look.