IMO Ruben G. Ledford (1858 - 1923) patriarch of the musical Ledfords of Mitchell, Co., NC. would be a much better candidate.

Most of the artists and folk history centered around the Asheville, North Carolina region; as opposed to Madison, IN.

It seems Ruben was the song title, the lyric not so much; and there were a fair number of instrumentals. I think the name just migrated into the storyline at some point. No other hint of the Lomax-Seeger reconstruction era lynching.

I don't believe Ruben's son Waites (1879 - 1943) ever recorded; but his grandsons, Steve and Taft, covered just about every version imaginable (Carolina Ramblers; Wade Mainer &c)

Nothing to back it up, probably never will, just a hunch.