According to my Google search, it's "Sugarpie honeybunch." Your wife's logic is sound, but then again, whoever said Holland-Dozier-Holland had to be logical? I kind of like my friend's version. Now that we have better playback systems, and the clarity (didn't say anything about musicality) of CD, I can actually make out the lyrrics on the CD too.
By the way, I have a friend who plays with upsampling and other tricks to make CDs sound a lot better. He once brought me a burned version of Brenda Lee's "Rockin' Around the Christmas Tree" which would lead you to believe that Brenda wasn't the sweet little teenager we thought she was when she recorded that song. I know the lyrics are "Later we'll have some PUNKIN' pie and we'll all go carolin'", but when you listen to his version it sure sounds like the "f" word instead of "punkin'". I played this for my friends at a party and at an audio society meeting, and you should have seen the jaws drop!