This arrangement is a very accurate transcription of J.D. Crowe's playing with the Bluegrass Album band. J.D. twists and turns the Scruggs vocabulary in interesting ways. Make sure to listen to the recording. Try and hear some of the subtle things he does. Sometimes, he holds a note out longer or cuts it short. Making a note short is done by releasing your fret hand pressure slightly. Do it just enough to stop the note from ringing. You can create powerfully rhythmic phrases this way. Listen to which notes are "stressed", or "accented". This is another way to create strong rhythmic feel in your lead playing.
This song has simple chords. What you need to watch out for is your timing. There's an extra 2 beats in the A part. It happens twice. You’ll see it in measures 4 & 9. Practice with the tab. Count off measures while listening to the tab player. Do the same when listening to the recording. Learn to sing the melody and lyrics along with Mr. Tony Rice. Do that, and you will help you internalize the timing of the chord changes and melody in a very natural way.