Actually, I found a website with the lyrics of the song and it has the missing parts! In parenthesis are the missing parts.

Now if you don't want me honey you do -*- (n't have to stall
My love) -*- is not a plaything you will find
Now that you have nothin' with my back against the wall
Honey won't you please make up your mind
You're gonna miss me when I'm gone you're gonna miss me when I'm gone

Source

But to further dwell on the "Bruce" vs "Bill" conundrum, I'm coming up fairly empty. Discogs.com's version of the album has 4 of the tracks on the album attributed to "B. Phillips," with their links leading to Bruce's page.

To further confuse things, the band Caroline MotherJudge has a video on Youtube where they say "Please note all efforts to search the copyright of this song has been made to give all songwriting credits where due. Some online information credits Lester Flatt & Earl Scruggs, but a further search credits Bill Phillips." I looked through the members of the Foggy Mountain Boys and there was no "B. Phillips" there, and searches for "B. Phillips bluegrass artist" yield little useful information. So it seems it may just be a mystery.