It mentions getting stoned in the park, and leaving to go to the Misty Mountains (where the spirits fly), which seems to be a reference to The Hobbit.
... Complete list of Inductees 1978 Guy Lombardo 1978 Oscar Peterson 1979 Hank Snow 1980 Paul Anka 1981 Joni Mitchell 1982 Neil Young 1983 Glenn Gould 1986 ...