Hi, Semi-Sub. Yes, that's exactly the way I think of that verse.

This, of course, follows the death of the character's grandfather at the hands of the revenue man, in verse 1.

Now the tone is set for the character's "brand new plan" in verse 3 -- a plan to avenge the deaths of the previous two John Lee Pettimores and to carry on the family business of dealing in illegal substances. He uses the tricks he learned from the North Vietnamese about boobytrapping and sniping in order to kill anyone from the DEA who attempts to destroy his marijuana crop or arrest him at his home on Copperhead Road.

But as you say, Semi-Sub, Earle says all of that in a masterfully crafted song -- not only in the lyrics but also in the tune and the arrangement.