Not enough there for a good film.
'The Legend of Lobo' features some cute animals and interesting situations, but with its 67 minute run time and lack of any substantial characters it's hard to get into it in film terms; like 'Nikki, Wild Dog of the North', it is too close to a documentary; though, to be fair, this is better than that.
The usual animal welfare concerns appear, but it does seem improved; at least compared to the aforementioned production from 1961. Rex Allen makes for a satisfactory narrator, at least. The music is decent, too.
As noted, there are adorable shots of animals but there simply isn't enough to make it a film worth watching in my eyes.