Bragg and Wilco did this for Guthrie–and did it well; the Mermaid Avenue recordings are excellent. I suspect that T. Bone is the right person for this job. . . however, Costello’s voice might not be quite Dylanesque enough.
To Catch Up With Bob Dylan, T Bone Burnett Assembles A Dream Team : NPR.
Dr. Todd A. Comer 