Ive loved that song since the 70's, and always thought it was " loath me, everyone", as it fits into the context of why the character won't "return".
I believe it's "swear aliege", which (and I well may be wrong) means an oath of loyalty. Which also makes more sense.
"Cut the cloth" means to eat together, as in cutting bread on a table, and "drink the light Toby" is cider, not some light show.
That's all I've got. What a lovely song.