My own feeling, for what it's worth, is that when people listen to a CD more than a few times it's good to have some other melodic lines and harmonies to keep it interesting. I'm not only selling CDs to people who have seen me live, I'm also selling them to people who might never see my performances, and so a bare bones approach isn't necessarily the best one for everyone.
I have produced a live recording, in response to requests, but haven't so far had the money to invest in multiple copies to take it round with me to clubs - and of course the limitation is that that's a reflection of what I was playing when I recorded it but my repertoire changes as I write new stuff. So at the moment it's only potential bookers and individual orders that get to hear the live album.
And recording with other musicians is a wonderfully enriching experience, as well - it can get lonely, trucking round on your own!