Regarding McCoy's guitar part on this track, both Bob Johnston and McCoy himself have told writer Daryl Sanders that he recorded this live, playing along with Dylan and the bass player.*  McCoy recalls playing through the song twice, the first time for a run-through and the second for the recording. This contradicts the notes to the Collector's Edition of The Cutting Edge, and is very difficult to reconcile with the surviving recordings as presented on that release (particularly since any producer's 'slates' of the take numbers have been edited out).  The released performance is presented twice, once without the second guitar and then with it; the latter is stated to be an overdub take. If McCoy's guitar was indeed recorded live on the multi-track reel then it is hard to guess why the producers of The Cutting Edge might have removed it and presented the result as the original recording. It's just possible that the first version is a 1960s stereo mix which for some reason excluded the second guitar; certainly the mixing style is very different from that for the other complete take (Take 1) that features just Dylan and the bass-player.  Nonetheless, there does appear to have been at least some overdubbing done at the 1965 session, as the 11-second fragment listed as Take 7 has the same vocal as on the familiar released recording, but with McCoy playing different notes on the guitar.  The studio recording sheets (illustrated in this article) do not help much.  For the moment, at least, it is impossible to make complete sense of all this.

* See http://forums.stevehoffman.tv/threads/dylan-blonde-on-blonde-that-thin-wild-mercury-sound-daryl-sanders-book-oct-2018.781426/page-5#post-19855921