This gig may have been at the 40 Watt, per Robyn's memories in the following article, excerpted below. (It's also possible the remembered event was actually at the Uptown Lounge.)
This gig may also be erroneous due to the incorrect info on the back of the 'Stand Back Dennis' bootleg that states states "Recorded live in Athens, Georgia 2/3/88", which is March 2nd in UK date format.

The Deep South has always been good to Hitchcock—particularly Athens. He recalls his earliest memories of performing in the Classic City in spring of 1988. “We played the old 40 Watt, back when it only had one lightbulb,” Hitchcock recalls. “I was with my band the Egyptians, supplemented by Peter Buck, who very kindly collected me from the Atlanta airport in his hearse.

“This was my first visit to Athens, and the R.E.M. family was very welcoming,” he says. “They were all still living in town then, and their fame was taking it with them… I didn’t know what to expect, but there was the feeling that we were in the embrace of a multi-headed organism.”