It doesn't sound like Big Al means either of those. I think the site in question might be more up here: http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=waterloo+street+glasgow&aq=&sll=37.0625,-95.677068&sspn=23.265075,49.130859&ie=UTF8&hq=&hnear=Waterloo+St,+Glasgow+G2,+United+Kingdom&ll=55.859888,-4.260871&spn=0.00401,0.011995&t=h&z=16&layer=c&cbll=55.860565,-4.262657&panoid=lk_Bf96OqSUgZkbOg2J1vQ&cbp=12,152.79,,0,-6.81
In the early 90s when I started drinking, the pub that is now the Toby Jug was the Blythswood Bar, a handsome pub with an imposing island bar in the centre. You could go up a few steps and round the corner and come out on the other side, that was the Toby Jug! Between the two bars was Eadie Cairns off-licence where Caffe Nero now is.