You could say this is a Jimi Hendrix "tribute," but Bob Dylan originally wrote and performed this song, so you can't call this a Jimi Hendrix cover. If you were to release a "cover," you are covering the artist that you will be paying royalties to, or in this case the entity that owns the rights to the artist's catalog. You could indicate to your label that you are paying homage to Jimi Hendrix, Grateful Dead, Jan Akkerman, Spirit, U2, Paul Weller, XTC, Dave Mason, Patti Smith or many others, but unless you use an actual sample of their rendition, the only royalties paid will go to Sony Music Entertainment, as you are covering Bob Dylan. Calling this a Jimi Hendrix cover may also seem to suggest that you don't know who wrote the song, that your efforts here are nothing more than an imitation of someone else's style, or that you are unable to appreciate someone who is arguably the most acclaimed American genius in the history of recorded music, so you have a lot of reasons to want to get this right.