It really comes down to who you are playing for and what you want to accomplish. If you guys are playing for yourselves it's great. For example, I was in a small time cover band and we played "Have a drink on me" mainly becasue I love that song....but most of the average non-A.O.R. folks want to hear something they know from the radio like "You shook me" or "girls got rhythm"....that they can sort of dance to if they are drunk enough. With G n R, I would rather hear/play Brownstone....but most would want Jungle. I personally like the setlist, but I'm not the average bar hopper.
Playing live music in bars is tough....if you just want to have a weekend hobby and play mainly for yourselves.....it's great. One problem was (back in the 80's) that people come out and hear your setlist....then next week they want to hear a completely different one....and any new songs that were getting airplay, they also want to hear that week.....Bon Jovi, Cinderella, Skid row, Motley Crue etc.
Might be easier to just go all original with a couple of remakes.....just depends on what you are targeting to do with the band.