Of course, Tonto wasn't Spanish, though. In Potawatami, it supposedly means "wild guy." Which also doesn't make much sense considering Tonto's usual demeanor. Oh well.
It's kind of like the story of the Chevy Nova. Didn't sell too well in Spanish-speaking countries, because "No va" means "doesn't go."
Something interesting about "kemo sabe."
http://www.old-time.com/misc/kemo.html
I think I like the "trusty scout" meaning better than "soggy shrub."