I finally understood all the lines with the spoken word version.
And I love the original, but altering someone else's poem to leave out a possibly offensive expression (I doubt many would be taken aback though) is a no go for me. The N word serves a purpose, as it points out the ambiguity of Elvis' career, which he started by "stealing" from black musicians, imitating some of their mannerisms and quirks, then being derided by racist white Americans for the jungle music and performances, and the allegations of him being racist (on which I can't give you a clear opinion, I'm reading up on the topic), and some black musicians being spiteful for him "stealing" the limelight...
It is a fascinating exploration of America (not only applicable to Elvis' days of course), and with flair to boot.