Mitote is a fascinating word that can mean 'gossip', 'commotion', or even a 'party' or 'celebration', depending on the context. It's a word with indigenous Nahuatl roots, making it less common than typical Spanish words for gossip like 'chisme'.
In this song, the artist uses it to express how his life and actions will become the subject of discussion and commotion after he's gone: "Voy a hacer el mitote en boca de los demás" (I'm going to cause a commotion/become the talk of others). It highlights his awareness that his life will leave a lasting impression and be remembered, for better or worse, by those he leaves behind.
Raúl Beltrán spends this whole song writing his own send-off, and the striking thing is how calm he sounds about it. He opens by asking people not to take it badly once the calls stop going through, because "Yo ya hice lo que quise" [I already did what I wanted to do]. Then he thinks out loud about the verdict, and he knows it will split down the middle. "Para algunos el bueno" [to some, the good guy], he sings, and the very next line hands the other half of the room a much less flattering word for him. The one real request he makes is a domestic one, "Ahí les encargo a mi 'amá" [I'm leaving my mom in your care], and then an apology for going on ahead of everybody.
The second half turns curious rather than sad. He has no idea where he is headed and decides he would rather not find out early: "Ha de estar muy bonito" [it must be really beautiful], then "Yo mejor no investigo" [I'd rather not look into it]. He wants it to be a surprise. In case anyone is taking this badly, he stops mid-thought to say "No me estoy despidiendo" [I'm not saying goodbye]. The Spanish here is the everyday Sinaloan kind, so it is a good song for picking up words you will not meet in a textbook: "plebada" [the crew, the young folks], "nomás" [just, only], and "'amá" clipped off "mamá".