They pretty much mentioned it towards the end of the show. The episode title is "Fear" and as far as the date on the file says, it was originally aired on May 17, 1946. I found the episode about two years ago on Calfkiller OTR and Tennessee Bill's OTR websites.
As soon as I heard the name Monk Savage and the line about the sheriff not living "long enough to see that water boil," I knew I'd heard the episode before.
I gotta say that I liked the original better (I think that over the years, the parts were written with the actors in mind), although I appreciate Misfits Audio's sound quality (it's always nice to listen to a show without hearing clicks, pops, and static). I'm trying to listen to both versions again right now.
Comparing both Lone Ranger actors, I find that Brace Beemer's (the OTR Lone Ranger) delivery of the line, "You were right, Tonto. There is a man here," expressed the Lone Ranger's regret that his friend was right. Jim Patton's tone was more of surprise and dispelled disbelief.
I find it amazing how different the meanings of the same line can be when read by two different people (from two different time periods no less!). For me, it's hard to listen to a new actor in the role of a character where I'm familiar with the character's old actor. I think that it was pretty ingenious how they introduced Brace Beemer to the role after the passing of Earl Graser.
I love listening to recreations of old radio episodes and their modern counterparts. I can't believe I didn't stumble across them sooner. Thanks a bunch!