Thanks LE for bringing this up!
My reading corrispondes a bit to the interpretation of Lis, although i wouldn't speak of MK but of an external view. But i also think that for the ambiguity of the song it is very important that one doesn't exactly know who is speaking. The whole lyrics can be read as "someone (MK?) is talking to the "idea of Elvis" in 1967". Some phrases (e.g.You'll soon be back in memphis/ Maybe then you'll know what to do / The story-lines they're giving you / Are just not ringing true) could be even spoken by Elvis to himself, and some other phrases (not so many) could be spoken by the Colonel (e.g. It isn't just the records / No, you must have Hollywood / The songs alone are not enough /That much is understood).
Due to this fact there is no perfect solution. As a listener you don't simply know for sure if the perspectives are changing or not. In the first verse we know at least that someone else is speaking to "Elvis" (you an the lying dutchman). That is why i go with Lis.
Listening to the lyrics i always think about how difficult it is to live your life, how you would like to, an stick to your ideals. It is for me very important to look back to youth, where you were able to express your ideals and your dreams without compromises, and without the reality of everydays living that forces you sometimes to do something that doesn't go with your true ideals. This memory of your pure ideals in the past helps to correct decisions that you make now.
In the first line MK is talking about clambake. It is well known that this film / period is a late turning point for Elvis. He wants from then on to play only in serious films, he is suddenly interested in religion and starts reading (which the colonel didn't want to), so he is looking for something, for true values (The story-lines they're giving you / Are just not ringing true). Around this time he recorded "How great throu art", suprisingly a gospel based album. So Elvis tries to go back to his youth in Tupelo, where he gets to know the gospels. BUT: It is easier to be the king of rock n' roll and to be a movie star then to go back to your roots and your ideals: it's a ways to go back to tupelo.
sorry for long post