I have a friend who asserts that red was the color of mourning in that tradition, so the women "re-ragged" themselves in red clothing, hence:

When the people heard that Lewis was dead
All of the womenfolk, they re-ragged in red,
Angels laid him away.


I have also heard this verse in one of the variants of Ella Speed.

The verse about Bob and Lewis makes sense if we simply say that Lewis returned fire, but missed Bob: Bob shot one (time) and Lewis shot too