I think you should learn any song as the composer intended it first. Know the melody inside and out as well as the chord progressions. It is from there you can then get creative and give it your own touch. Then add the feeling etc. That is what people react to more than anything anyway, the feeling, groove etc. If it is a famous hit song, you may also want to include the parts that everyone expects to hear, to make sure they recognize it and that is usually why it was a hit isn't it?

Great interview with Tommy Emmanuel on Rick Beato's channel just out. Tommy says basically the same thing.

My wife asked if I had seen the dog bowl. I told her I didn't even know he could.