Yo from one who used to live in Huntsville!
Stan always said that this was a pumping shantey sung while working a hand pump in spite of the reference to Bullgine(which corresponds in my head to your notions of engines mentioned above). The rhythmn is very deliberate with a hard downbeat. "Oh the SMARTest clipper YOU can find a HEE and ho are YOU most done". The pumps were worked at three pause points - on the downbeat. At the top of the push/lift and the waist high midpoint, and at the bottom of the lift/push with arms straight down. I've done it on the Charles W. Morgan. Great song, boring task!
This is also a shantey that saw wide use so any reference to actual engines, Mobile, etc. is probably irrelevant. Like references to Santy Anna which meant next to nothing to late 19th century Anglo-Irish sailors.
This song also seems to be closely related to Donkey Riding which we learned in grade school.
My question is, when does a song ENTER the oral tradition. And if I only hear orally even though it was written or composed for some broadside ballad(or television special) does that make it orally transmitted folk song. Cover your mouth when you say that!
Cheers. Marc