A friend of mine lives in Milwaukee and writes for Second City Chicago, and I don't think he even knows that SC is where the sketch originated.
I'll be honest, the SNL one was more polished, with less Odenkirk talking about drugs and kids relating to parents who do the same thing.. stuff that worked great for Mr. Show, but not relevant to this sketch.
On a side note, and with no offense to our neighbors up north, but why did the Toronto faction name their comedy troupe Second City as well? For a long time I thought it referred to Chicago's population in comparison to New York and LA, but it was actually just a nickname like The Windy City but more self-deprecating. It's like if Toronto's SC named itself Hollywood North (a nickname for Toronto..) actuallly that would've been pretty cool!
Toronto was nicknamed "Second City" for a long time; they were second in population before leapfrogging Montreal by annexing a bunch of suburbs (North York, Etobicoke, etc.)