The guy I'd really like to hear cover this is Tom Russell. Tom lives on the El Paso - Juarez boarder, and his best songs have the same sort of dark mystery that Dylan gets at here. He was born to sing this song--if you see him, tell him to get with the program.
And below, just for fun, are some posters of Ride the Pink Horse. The title in Spanish seems to translate to Persecution in the Night--or as Dylan wrote and LaFave sings, "Some of us scare ourselves to death in the dark / To see where the angels fly."