However if it hasn't been recorded and not officially released then it doesn't count as it may as well not exist. Live performances are transient, actual physical recording is eternal.
In any case I judge live performances by the same standard as studio recording so I see no reason why I should treat them as separate categories of the band.
AKA the standard is based on the notes on the page combined with performance.
It's just that sometimes live performances has better arrangement (better notes on the page) and sometimes the live environment inspired a superior performance than the studio recording and vice versa.