This is a great tune by Flatt and Scruggs. Start out by learning the Melody. This is what the lead break is based on. Learning some of the licks will give you an idea of the fingerings you'll play in the Earl Scruggs transcription. That one is a note-for-note arrangement of his lead break.
The Backup arrangement is based on Earl's playing and has even more licks that are based on the way he played backup. You'll learn the kickoff, Verse backup, turnaround, and the Chorus backup.