In what sense can it be said to have entered the tradition? (being taken up by the folk revival is an entirely different thing). It is no different from any other composed song, especially one which copies traditional forms - it has the potential to become traditional, but hasn't yet got there.

The Tradition is the genre which made these songs, processed, unprocessed, or otherwise. It is indeed no different from any other composed song - other than that it was determined by a particular traditional idiom and written by someone fully immersed therein. That is the nature of musical tradition.