When I did it in storytime way back when, it went ok, but it felt kind of awkward and didn't really go over well.
I used clip art and made these--the main rhyme is the size of four 8.5x11 sheets, and each verse is on legal sized paper. I leave the main rhyme up, and switch out the other pages for each verse (I laminated these and use them on the magnetic whiteboard side of my easel).
It was a great success! I do a clap rhythm (hand clap knee slap) while we recite it, and with the visual cues everyone participated with me--Hurrah! I will be adding Alligator Pie into my regular rotation.
Email me if you'd like to share--they are Microsoft Publisher files.
Learn more about Flannel Friday here, and see the rest of this week's round up on Andrea's blog, Roving Fiddlehead Kidlit