Unless there is clear provenance for this guy being a buffalo hunter, I'd doubt it. First, look at that weapon. It is a slant breech Sharps carbine (59) - the weapon John Brown packed but a very, very poor choice for killing buffalo. You'd have to run your horse next to the critter, stick it in his ear and hope for the best. Very underpowered for that work. The carbine came along a decade before Buffalo Bill Cody was working for the railroad, and a good 15 or more years prior to the commercial hunting of hides.
While the attire might represent something a "scout" might wear, I have never seen a commercial
hide hunter dressed up in attire like that. They were practical men.
If this picture were dated during the years of commercial hide hunting I'd write it off as a studio shot with photographer's props. If it were taken during the years of that Carbines production it would be well before buffalo hunting for either the railroad or later yet, hides.
Interesting you should comment that it is canvas he is wearing. I agree that for leather it just doesn't look quite right but how can you tell it is canvas? If it were I'd really wonder if it was not a theatrical costume. I'd have a hard time believing that any reputable frontiersman would be sporting fringed canvas.
I would not be basing my NCOWS persona on this fella!