I think the "correct" order depends on what the person you're responding to just said.
If they'd said "I should have done more" the right order would be "Shoulda, coulda, woulda." If they'd said "I could have done more" I'd (never) respond with "coulda, woulda, shoulda."
I think the order of priority is probably "coulda, woulda, shoulda," but you always lead with what you're responding to. That said, the bottom one just looks right. Which did FC go with? Don't have the album myself.
All I know is that the more I look at these words written down, the less they look like actual words. Which, in their defence, they're not, so good work them.