omg.
Why would there be a second verse that mentions the Old Man?

Aft on the quarter deck our gallant captain stands,
Lookin' out to windward with a spyglass in his hand,
What he is a-thinkin' of we know very well,
He's thinkin' more of shortenin' sail than strikin' the bell.

Pick another shanty (almost ANY other shanty) and 'muck about' with the lines you have found and you will get them to fit.
And how long before this invention becomes accepted as genuine by the masses?
I fear you are hunting a white whale here.
"You are in dangerous waters Mr Starbuck. Helm hard over. Come about"
and as Capt Boomer said "I'll not sail with 'e sir"