This song came up at a jam session a few days ago, and it was blazing fast. I remember thinking at the time that it was probably too fast, but then I got home and listened to Earl Scruggs. It turns out Earl done it very fast, about 310 bpm.
That's a problematically fast tempo for me as a guitarist. It's tough to even strum rhythm at that tempo, much less take a guitar break.
The bluegrass band I played with in Oklahoma did this song sometimes, and while it wasn't quite as fast as Earl's version it was still pretty peppy. I came up with a guitar break that I since let languish, but it was devised especially to be easy to play at very fast tempos while still sounding good. I'm gonna try to remember it and tab it out and post it here.
Recording these rhythm tracks led me to a realization--playing fast rhythm is really good for loosening up your wrist, and will very noticeably increase your comfort in playing faster leads. I'm going to add it to my practice routine now to strum some fast-tempo songs after I get warmed up. (Foggy Mountain Breakdown and Hallelujah I'm Ready and Black Mountain Rag come to mind.)
Anyway, here's the tracks: