Nice to hear a more varied version than Petty offers melodically. Interesting take though. Not a big fan of the the really hard slapping on the strings, when it's done lighter it has the same effect and resonates just fine.
It definitely gets away from the original, and that's important in a cover. Either that or keep it exactly the same.
I think where you both took it was fine, but I'm a bigger fan of the original. All in all good job though.