I found two references to this song in Canadian papers, one in 1992 and one in 1994 - very different opinions of the song and concert, but sadly neither offered much more details on the song.

The Ottowa Citizen, November 5th, 1992, p. 79: "Throughout the evening he exhibited is facility with words and clever observation, often sounding smug and superior, as in his song about Jimmy Swaggart, It Was Bad P. R. for Jesus When They Sheared His Flock of Sheep. True enough, but it was delivered with such an arch smirk." [from a Wednesday-only performance in Centrepoint Theater]

Edmonton Journal, November 24th, 1994, p. 46: "McLaughlin phrases with careful articulation so it's easy to catch every syllable, and his songwriter's sense of humor. A satirical piece inspired by TV evangelists like Jimmy Swaggart hit the mark nicely with lines like "it was bad P.R. for Jesus when they sheared his flock of sheep." And his delivery had just the right taste of a hurtin' song a la Faye Baker." [from performance at the City Media Club]