to be honest, I don't believe the story that the backing is a re-recording. Let's look at it from a economic point of view. What's cheaper? To license the backing track and record new vocals over it or to have Mike Terry flying/driving all the way to Toronto, working hours and hours in the studio, arranging the backing band, hiring all the musicians, etc.?
I never noticed that the backing tracks of Precisions and EP are different. But I'm not saying they are not different. So, accepting you guys saying there are subtle differences, how about this theory: Someone in Toronto heard the Precisions record, licensed a backing track from Drew to record new vocals over it, the guys at Drew sent over a tape but sent an alternative take by mistake.
What you think?