jive1
Commercial User
The version being played isn't the problem, basic communication and being responsible is. You can agree just as easily as a group to play a live version as a radio version of a song.
+1
There's lots of songs where the 'standard' version that bands cover is not the album version.
For songs like 'I Want You to Want Me', 'Freebird', 'Rock N Roll All Nite', etc. the live version is the one most covered as well as played on the radio. One band I worked with preferred working with live versions of songs because the arrangements were more realistic to pull off with a 3-5 piece band than what was on the recording which may have had numerous overdubs. Also, the album version of a song may fade out at the end. Hearing a live version may help you figure out a cool ending to a song.
For songs like 'Sweet Child of Mine', 'Starship Troopers', etc. the album version of the song is longer than the radio version. The radio version is usually cut shorter to accomodate shorter attention spans, and is probably the one that the casual listener is more familiar with.
As long as you can communicate to make sure that people are on the same page, you can pick any version of a cover tune and pull it off.