Closest I've heard to an actual Only Ones punk song, but it does the job better than most legit punk bands. Their Peel Sessions really are where it's at.

Coffee House- Manna Dey

Tom Petty & The Heartbreakers (Full Album)

I think Joan Jett's cover of Love Hurts is quite good, since it's not just her doing her "bad girl" thing and she actually manages to invoke the emotion of the song. Her cover of Dirty Deeds is just her doing her thing and completely leavbing out AC/DC's sleaze factor.