The name Cherokee Bend remains as the name of an elementary school near Birmingham, but the Cherokees were driven from GA-AL many, many years before (during the latter slavery days; the Cherokees, good farmers, etc., with THEIR slaves, were shifted west).
The name has been used in several states from Michigan to Texas.
The song seems to be fictional, but Lightfoot may have based it on another time and another place; a common practice among novelists and musicians.