This is one of my favourite shows. Nevertheless, I tend to lean towards censoring/updating 'It Depends on What You Pay' in some way. Jarring the audience and taking them out of the moment can be a good thing if they're jarred for the right reasons, but does that happen for modern audiences with this song? Will the audience be thinking "Wow, I thought this was going to be a gentle pro-Romantic musical but it's actually exploring the dark side of Romantic fantasy, how fascinating" (or whatever), or "Wow, I thought this show was timeless but it's actually hugely dated and tone-deaf"? Productions also have to be predicated on the assumption that at least some audience members will be seeing and hearing the number for the first and last time that night, so they're not going to review the song a few times and revise their knee-jerk perception of it (and nor should they have to, theatre by its nature is supposed to work if experienced just once. If multiple viewings are needed to understand a show, productions should provide multiple free tickets to each audience member). The changing of that song was initiated by the show's creators themselves anyway (eg listen to http://www.npr.org/templates/story/story.php?storyId=5697901, or read the 'Abductions (And So Forth)' postscript in the published libretto).
All that said, I "lean towards" changing the song but maybe staging it intelligently would still work. Has anyone seen a production, including perhaps the original, where the specific choices made caused the song to work very well? Hypothetically I can see it might work if, for example, a production manages to establish El Gallo as extremely dashing and attractive in his brief stage time before the song, so that the song's intention to attack the romantic rogue archetype is really obvious. Or, if the dialogue preceding the song was amended even more (with permission) to emphasise that the show 'knows' how stunningly callous the whole plan is towards Louisa, and by extension women in general, with some better-written variant of "Well, you want her to be properly terrified, don't you? If you didn't want the full nightmare-come-to-life package, why did you hire me?"
Back to the OC recording... I like it. I actually read The Fantasticks before hearing any of the songs, and many of the lyrics work so well as spoken verse (in my head) that I was initially weirdly disappointed to hear how they sounded as songs. (I still want somebody to do an entirely spoken-verse production of this show, actually!) I've grown accustomed to the songs as songs now. However I'm most fond of Catherine Porter's version of Luisa on that obscure TER/Jay 'Musicals Collection' highlights recording, which I'm not sure even exists in an expanded non-highlights form.