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Having said all that, I first heard this song as covered by Tone Deaf. Tone Deaf was a band composed of many of my good friends at Denbigh High School in the mid/late 1980s. They did mostly contemporary popular covers, but they also did a few originals and some obscure covers as well. I won't even pretend to be impartial, but toward the end (summer 88?) they were actually pretty good.
The garage rock scene was pretty healthy in the mid 80s at Denbigh, so the guitar class teacher had an annual "Denbigh Jam" which provided a showcase for the various high school bands. It was not a typical "battle of the bands" per se (I don't recall any awards), but participation was competitive: there were try outs and if you didn't have your stuff together you didn't get a slot. Some Denbigh Jam alumni that went professional include members of: buttsteak, False Sacrament, Danny Godinez, Gregg Brooks and Nocturnal Zoo. I may have forgotten some notable bands/musicians and I welcome any additions or corrections.
The link provided below is of Tone Deaf, mk. II: Fred Moore (vocals, keyboards), Terry Harrison (rhythm guitar, vocals), Drew Munro (lead guitar), Art Everett (bass) and Chris Everton (drums). They're performing at Denbigh Jam '88, which I believe was in the fall.
Terry (the guitarist in the foreground) has a mountain of HS & college-era video tapes that he's slowly processing and putting on YouTube. Tone Deaf's cover of "Wig Out at Denko's" is one of the gems he's put online so far. And although this makes me a complete homer, I think you'll find Tone Deaf's faster tempo version more enjoyable than the slower, studio version. And while Tone Deaf might not be a trip down memory lane for you, "Wig Out at Denko's" is a great song that deserves a listen regardless.
Dag Nasty: YouTube (studio version), YouTube (live version, skip to about 24:40 -- it's the last song of the set).
Tone Deaf: YouTube.
P.S. The live Dag Nasty version comes from "Blank TV" -- if you like punk and related genres, you should check them out.