A couple of things. To the poster who said the Lone Ranger always disguised himself as an old coot, I guess you've only seen a limited number of episodes, or have a poor memory.
Yes an old coot of various types was his most common alter ego, but just off the top of my head I can think of at least 3 times he didn't.
One time he portrayed a young dude from the East who posed as a collector of western items. In another he took over for a Shakespearean actor of a younger age and impersonated him dressing up as Othello. In another story both he and Tonto were dressed as acrobatic clowns. And there were others as well.
As to the general idea of the Lone in disguises, like most here, I always really enjoyed seeing Clayton Moore do that. Recalling seeing this series when I was a very young boy, I think part of the reason I liked this so much was that it was like we were sharing a very special secret with the masked man.
Here I was (and I believe this applies to others who saw this when they were young) as a kid privy to a secret that the adults he was fooling did not know. Most kids feel so inferior to adults who control the world, and yet here we were for a moment smarter and more informed than those know it all big folks. And it was like for a moment I was sharing a special confidence with our hero, that only he, Tonto and I were aware of.