One thing that I think most everyone would agree on is that there are no weak spots on Blood on the Tracks - every song fits into the mood Dylan wanted to create, within the musical palette he wanted to use, and with the same general lyrical conceits (in this particular case, a crawling twelve-bar blues where the narrator bemoans a woman that "treats [him] so unkind" and has left him begging for a rendezvous that clearly isn't going to happen - so the subject matter of just about every blues song ever, then), so that it feels like not a single second of the album's 51 minutes and 42 seconds are wasted. That being said, there are songs on the album that people would consider highlights, as with any album both classic and dreck, and I would suggest that this song falls on the lower end of the "album highlight" spectrum. This is not me saying that the song is bad, of course; I happen to enjoy the song a good deal, especially the fuzz-tone solo that crops up in the latter half and the way Dylan sings "ship" kind of like he's singing "sheep". I also think that some songs work well to establish the album's aesthetic, and some songs rise above the album's aesthetic to become beloved standards, and this song leans towards the former description. Then again, Larry Herndon wasn't a particularly great hitter, but he had a role to play on the 1984 Detroit Tigers*, and that's one of the greatest baseball teams ever, so there's absolutely nothing wrong with being part of the aesthetic of something great.
* I was going to use the 1927 Yankees as the example here, but screw the Yankees
Having written a number of times about the album's aesthetic (sorry, I really enjoy that word), I'd occasionally wondered how people would receive Blood on the Tracks if it had been recorded differently. I don't just mean if the New York version had been released - I mean if Dylan had brought in the Rolling Thunder Revue (which was not yet a glimmer in his mind's eye, but you know what I mean), or if he'd recorded it with The Band, or country-style or New Morning style just to screw with us, or in any sort of recording style other than the early-70s Harvest-like style presented here. This is obviously purely speculation, as there's no way to ever know how a different version of Blood on the Tracks was received, but we've always known (or believed, at least) that the strength of the album lies in the songs, and it really wouldn't matter if Dylan had performed them all with just his guitar accompanying him (although it probably wouldn't be quite as beloved today; Another Side contains some of his greatest songs, but is generally not considered one of his best albums) or if he'd recorded them with the Neil Diamond-esque flashiness of Street Legal (now there's a thought). Nor should it, honestly - if Rumours, or Sea Change, or any other number of breakup albums have taught us, there's no wrong way to lay out your tales of heartbreak on tape, so long as the songs stand up on their own.
And, ultimately, there is a treasure trove of evidence that shows us that the album could have been recorded just about any way short of death metal style and still been considered a masterpiece - by which, of course, I mean his live performances of eight of these songs (funny enough, this song was only performed by Dylan's band with Jack White on vocals, and that damn live performance of "Lily, Rosemary, and the Jack of Hearts" is going to turn up sometime, right?) over the last forty years. I've linked to the glorious World of John Hammond performance of "Simple Twist of Fate" before, but I'm also thinking about the RTR solo acoustic performance of "Tangled Up in Blue" (we didn't need THAT close a close-up on Dylan's face, right?), or the gutbucket rock-n-roll muscular versions of "You're A Big Girl Now" from Interstate '88 (still one of Dylan's finest tours), or any of the drawn-out versions of "Tangled", "Simple Twist", and "Shelter" (the first two of which I saw personally) that have been immeasurably strengthened by Larry Campbell (maybe Dylan's best live band guitarist) and his ever-crack touring band, or most especially the messy churn of Hard Rain's "Shelter from the Storm", which says "fuck this subtlety noise" and shoves Dylan's anger right in our faces via one of his greatest, shoutiest vocal performances and some hilariously amateurish slide guitar (and we thought his piano playing was simplistic). And, in all those performances, all those different recording styles, with all those different players breathing new life into words now nearly 4 decades old, we can still hear the genius of those original lines, and know that Dylan was almost certainly always going to get it right.