Yes, ive been thinking about it for some time now...and im still considered a newbie on the chat boards. find a copy of his book : " The thrill of the chase", and read it to get some good insight as to how his mind works. All proceeds from the book sales go to a charity, so this is not just a stunt to sell books. in one of his interviews, he said "a child could find it"...so as i said, think the clues thru , analyze the things he says in interviews... and Dont overthink everything.
I believe that i can help with a couple of clues in the second verse. 'where warm waters halt' could be the new mexico fish and game depts delineation of warm/cold water game fishing. 'halt being the actual delineation point or line on the map. (this in itself is not too precise, but a starting pointer, and needs the rest of the clues to narrow the search down.) i say this because mr fenn was an avid sportsman, and talked lots about his love of trout fishing. brown trout. as a matter of fact... there is a village about an hour n of santa fe named truchas. truchas is spanish for trout. also...i recall that in an interview mr fenn spoke of being very proud of his accomplishment ( after hiding the treasure)and laughing out loud as he walked back to his car for the drive back home, and wishing he had thought to bring a sandwich to lunch on. an 80 something yr old man drove to where it was hidden and lugged a box full of gold to its final hiding place and then went home...by lunchtime..... dont over-think the clues good luck and remember me if you find it.