From a sonic perspective, the CBS demos trump ALL of the 73/74 live stuff. The power of the band - especially James who seems to be holding things together - really comes through, and Iggy is just wailing. Maybe the presence of Dave Alexander in the studio kicked things up a notch.
The CBS versions haven't yet reached final form though, so I'd have to say that, lyrically & compositionally at least, the live Whiskey versions of 'Bleed' are the best.
My favourite live versions of the Raw Power LP songs are the July/August '73 Max's shows (one of which is on the Heavy Liquid box). You can barely hear Iggy, but the band is super-tight.
The best versions of 'Cock in My Pocket' & 'Rich Bitch' are obviously on the Metallic KO. The general aura of hostility and despair overcomes any shortcomings in sound quality. (Fucking Pro Tools will NEVER capture this kind of vibe).
My favourite 'I Need Somebody' is the (shorter) version recorded 3/73 at the SRC Studios and included in the Heavy Liquid box.
Favourite 'Wet My Bed' is the 12/31/73 Academy of Music version.