@ immatthewj
Mary Lee's Covette, in 2002, recorded Blood on the Tracks: Recorded Live at Arlene Grocery which a song-by-song tribute. Great.
As sort of a novelty, check out "Is It Rolling Bob?, a reggae tribute to Bob Dylan" featuring stars like Toots Hibbert, The Mighty Diamonds, Gregory Isaacs, and Sly & Robbie."