"America" (the studio track) was recorded in February 1972, around the time of the first sessions for 'Close to the Edge' ; certainly Wakeman was already a member in good standing.
The arrangement dates back to the Kaye days, specifically to the period just after Howe joined the band, when Yes retired to a cottage in Devon in May 1970 to write parts of 'The Yes Album'. It was a feature in live sets starting that summer.
1970 overall was a very interesting transitional year for Yes concerts....in addition to epic live covers of 'America' and 'It's Love' (now available as tracks on 'The Word Is Live'*), audiences might have heard a Howe/Squire bass duet called 'Adventures' (which somehow morphed into the more standard tune called 'A Venture' on The Yes Album) as well as a Squire solo called 'Bass Odyssey''. There are no live recordings of either that I'm aware of.
see:
http://m-ideas.com/sullivan/Yesgigs.html
(*interestingly, the album after 'The Yes Album' was originally going to be a double LP studio/live hybrid... the live LP was going to consist of 'America' and 'It's Love'. )