I've had another look at the DT version of It Does Not Pay To Be Hip, linked by Joe Offer in this thread, 17 July 2004, which is presumably the words the way Shel Silverstein wrote them, and the CMT version of The Hip song, lyrics provided above by dick greenhaus, 3 Nov 2008, with some additions by Barbara the next day. There are plenty of differences, mostly small. What Barbara remembers as "hollyintheolly" is "challah or bialy" in Silverstein. I can hear "bialy" in the Trio recording, but not "challah." Either the boys didn't know what challah is, or they figured their audiences wouldn't (my spelling checker sure doesn't). My preference would be to sing/recite the work with challah in it, just remember it's the ch of the German ich or the Scottish Loch, not the ch of chair. The Trio did include bagels, which don't appear in Silverstein.

The other difference that interests me is that where the Trio has the hipster ask the chick "if she'd care to have a ball," in Silverstein he "asked her would she care to ball." The latter sounds more like what I'd expect a hipster (circa 1965) to say, but maybe it was too crude for the CMT to record.