The records for that session (per Bear Family) shows only Nick, Bob, Dave and a session bassist (Buzz Wheeler) as being present. That seems to rule out the possibility that Wheat played it, even though KTOR states that Wheat was hired before this session and that his absence is somewhat of a mystery.
At that point in their career, I doubt that Dave was more competent than Bob to play that song as it was played on the first album. (Dave could do other things on the guitar that Bob probably could not at that time. See Fast Freight).
Might Voyle Gilmore's studio enhancement have given that guitar part a different sound?