I'm sure this interview from American Songwriter (Jan '08) has been posted before...but it directly touches upon the topic at hand:
http://www.americansongwriter.com/20...se-to-sundown/
It's easy [fairly, empathetic] to understand/see how Gordon Lightfoot is "spread way too thin right now" -clearly stating why this is so in the interview. The interview was a little over a year ago...just before he turned 69 and unless things have changed to afford him the time needed to dedicate to a major undertaking (such as recording), I would think that everything he stated back then, holds true today.
egadz still working at 70! And not in the least "semi-retired"! It would seem like the only possible way for him to have any time to write/record would be if he stopped touring!