I was driving with my lovely girlfriend, LSD, and the "Cheers" theme came on my iPod. We were both very much caught off guard by the lyric at around 1:20 where he says "and your husband wants to be a girl."
It was a wise move to not use that verse for the show because it could really throw off the viewers, seeing as transvestites and/or transsexuals didn't play a significant role in the story lines of "Cheers;" at least not in any of the episodes I have ever seen.
Also, I think it's funny to sing it like this: "You wanna' go where everyone knows you're gay." That would be a killer sing-a-long at a gay bar, don't you think? "And they're always glad you came" is a lyric that kind of works for that version too . . .