I totally agree with that line of thought. Dont get me wrong Curtis, I hope you kick ass when you get up on stage, and your getting better all the time, but your timing and dynamics still need improving, so if you step up on stage and try to play all along the watchtower, the likelyhood of something going terribly wrong is much higher
If you really really have your heart set on All Along the Watchtower or anythign else thats not a peice of cake, then go for it, but I still think you'd be better off picking a really solid, straight-forward tune like Enter Sandman and just totally nailing it down. If you can get really comfortable playing it with your band then come stage time, not only will you rock cause you know it inside out, but also cause its a simple song and at the end of the day, its the performance that matters on the whole, not just how intricate your guitar is, and a solid, simple song would be much easier to work into a good performance
Either way, make sure you keep us updated
PS: Also... is your singer up to all of these songs people are throwing out? I mean really, he/she has just as bigger part to play as you do, and if the singer cant sing the song well, it isnt going to mean much whether or not you do your bit well