I was surprised there is no one example of this song for banjo. So I decided to try my first arrangement. The chord progression is very simple as you can see. It's perfectly transferred for banjo in standard tuning gDGBD. Just replace B7 with B bar for convenience.
With simple clawhammer strokes, it sounds just fine with thumb drop for transition to other verse\ chorus. But it lacks the soul of this tune that piano carried. So I figured it out. DD ED D hummer EBAG 1st, 2nd, and 3rd strings only. I will attach it. piano part - Banjo Hangout Jukebox
And I don't know how to combine all of these together. I tried clawhammer, but the piano part doesn't fit well. I tried two-finger-thumb lead with a similar result. I tried two-finger-upstroke and this doesn't go well either. Is there a reason that this song has two instruments? Should I stick with converting guitar to banjo only? Like I said it's my first cover and the first experience with piano note sheets.