I don't think Jack Lee knew who Chisholm was. He refers to a John Chisholm, but the only fairly big cattleman of the 80s with a similar name was John Simpson Chisum, who was involved in the Lincoln County War in New Mexico; he owned the South Spring Ranch and also had some holdings, I believe, in West Texas. Jesse Chisholm, after whom the Trail was named, was not a cattleman.
His remarks about Buffalo Bill also are nonsense but might have sounded OK to the dude ranch people he sang to.