I could tell when I first heard the tune that the 12 string was the main instrument, but I was surprised when I didn't hear the bass boom (even a Gibson 12 should have that), so I figured it the guitar was capoed up. I began playing it capoed at the 4th fret in A form chords, the intro being a snappy and rhythmic shift between the opening A chord and a regular old C. It works pretty much the same as your reading though with easier chord forms - a great song either way.
: Glen – I haven’t completed registration at Rick’s so here we are…
: Here’s my take on the tune. The key is in C# so it’s capoed at the first fret and
: played in C. This could be one of those recording tricks discussed earlier here
: where the engineers speeded up the tape to brighten the sound. Let’s ignore that and
: just discuss this in the key of C. The starting chord sounds like a C7(flat 5).
: From the 5th string thru the 1st the notes are: C, E, Bflat, Eflat, E. (It’s a C7
: chord with the E-flat added at the 2nd string.) The first string E can be played or
: not. Dave is lifting that chord and leaving all strings open on the up beats and
: then resolving the dissonance into a standard C chord before he starts singing.
: The song is a straight C,F, G format, but its filled in a lot. I suspect Bob might
: have capoed up and played in A and Nick’s tenor could be in there too. That gives
: the tune a rich filled-out sound when added to Dave’s 12-string. Hope that’s
: helpful. – All the best, Meade