This song is very beautiful, it should not be long in being covered.
I do not know a cover of it but I have 2 versions of "Red Sails in the Sunset" by The Platters. This song is the musical inspiration of this one of Bob Dylan, I believe.
Since "Modern Times" release, I rediscover many old songs. A lot of American, Irish, British Traditionals and others too are worth of a new attentive listening. Many of them are beautiful.
Roll on Beyond The Horizon!