Jim, Joyce also mentions a townland of Bough in Monaghan.

He derives the name from Irish "both," a hut, cabin, tent, etc. Were people in the habit of referring to each other by their townland? Would a "Prince" of one sound plausible even in a story? Or would it sound more like "Mayor of Zip Code 10022 in Manhattan"? (Of course, any answer might be conjectural at this point.)

Unsurprisingly, there seems to be no Pictish connection, and probably, IMO, no connection to the original text of the ballad. But "Prince of the Tents" may fire the imagination.

("Prince of the Huts," not so much....)