She was a little too tall, coulda used a few pounds... tight pants, points hollerin' out...

The story:

I was actually singing this, busking with guitar downtown, and singing my mistaken lyrics and visualizing young perky tits, when somebody suggested I doublecheck them. He didn't know what they were either but he was sure mine were wrong.
Of course, Bob does sing about HER OWN "points, sitting way up (firm and) high" in the next line anyway. So I wasn't too far off, though the original line referred to some small metal objects boys wore on their shoes in the early sixties.