First, I think Ernst Jorgensen and his crew are doing the right thing by concentrating on the studio outtakes on the second CD. For example, I'd rather listen to the creative process of Elvis working himself through "Separate Ways" than hear him singing seven nearly identical live versions of "Never Been To Spain."
Also, and maybe a bit ironically considering FTDs view regarding the bootleggers, the choice to include studio outtakes makes Standing Room Only the perfect companion to the recent Madison releases such as Hillcrest Blues and Sunset Rundown. As you probably know, these bootlegs feature the mock session and rehearsal recordings for the MGM movie Elvis On Tour.
Having said that, a quick look in Joe Tunzi's book Elvis Sessions III reveals that a lot of the studio outtakes on the second CD have already been released, mainly on the the box set Platinum: A Life In Music and the FTD album 6363 Sunset.
That made me remember Tyggrius' comment last year that he wished FTD would partner up with iTunes or the like, and make all tracks available as individual downloads, giving fans the ability to pick which songs to buy. I gotta say I agree wholeheartedly with that idea!
Finally, I don't understand why "A Big Hunk O' Love" is listed as a bonus song as it was intended to be used on the original Standing Room Only album back in 1972.