Is it not possible that originally in the Piano version (assuming the piano version came first) it was Hell, as I agree it sounds distinctly like Hell and nothing else, which later evolved into Town (because again without a doubt there is a very distinct T sound and even "own" sound following that) for reasons which I would imagine only the band could answer (it's not like "run away from this town" is jibberish or without possible meaning... the town could be hell afterall).
Even through my best imagination and concentration I just can't hear the guitar version as saying Hell... there's no way to twist the sound of the words to fit IMO.