Good transcription. As for the meaning, there are just too many Dylan references to be coincidence. I don't know too much about Eric's relationship in the early days with Dylan but it is no secret that Bob alienated a lot of other performers who were coming up at the same time he did in New York. He reportedly was merciless in his criticism of Phil Ochs and surrounded himself with a small band of loyal running partners that protected and encouraged his rants. With this in mind, its not hard to go through the lyric and see many clever observations and putdowns, often using stinging references to Bob's own lyrics.
Anyone who is a fan of Eric's should make it a point to find out where he's playing and get out and see him. He's an American treasure.