First mistake when covering Dylan is doing his voice.
His voice is unique, you almost 100% can't do it 100% accurately. And even if you can do a 99% Dylan-voice, there is still that 1% that sounds wrong and taints the whole song.
Slow it down or speed it up. Make it pretty or make it dingy. That's not the important part, what's important is keeping the same raw emotion value of the original.
Too many covers try to basically just replace Bob's voice with a voice that could win American Idol, and keep everything else the same.
You lose the same emotional value when you do that. That's not to say a pretty voice can't cover Dylan, but if all you care about is improving the vocals, then you will fail.
There are exceptions to this rule, but the mass appeal of Dylan is his ability to write lyrics and songs that appeal to many people.
And I don't mean he writes about something vague like love or hate or something like that.
He writes very specific lyrics that many people can apply to their current situation. And in case you didn't know, that's really what horoscopes are.
Someone writes some vague predictions like, and this is a direct quote after I googled tomorrow's horoscopes, "Today, you’re armed not just with unique ideas, but also with the tools to implement them. Keep pushing the boundaries."
It goes on, but that's not the point, the point is, any horoscope sign can apply to anybody. Any fortune teller can tell you your future.
That's all just a cheap trick, but that's not what Dylan did. Or rather, that is what he did, but he did it so much better it's insulting that I'm even comparing him to a horoscope writer.
A horoscope writer writes vague ideas that anyone can apply to their life.
Bob Dylan writes very specific words in specific situations and he can make anyone think that he is speaking directly to their current predicament.
Keep the emotion
Make it your own
Manage to retain to vague specificity that Dylan's voice and lyrics produce
Roll a D20 five times and hope you get atleast an 87... meaning, you can do everything right but it's still not right. Sorry.
Some guy with a shitty mic and echoing bedroom is just gonna one up you anyway.
But seriously, I think this is one of the very good Dylan covers. He's got it all. It's his own voice, but it's similar to Dylan's. The hollowing echo is so faithful to the original. And his voicing and musicality didn't change the meaning of the lyrics.