When I was a lad I would hear 'Ill give you such a belt in a minute' from Mam when I was misbehaving. Or else 'Wait till your Dad comes home' ,which never frightened me because my dear gentle father never laid a finger on me, ever. It was just affectionate chiding, just a hint of warning that I should improve my ways. I did get an occasional smack from Mam, but that's all it was, more noisy than painful. My Dad could control me by the tone of his voice.
Anybody thinking that L L is some kind of Wallopers Charter needs their head reading. I can think of no other where the sense of that 'affectionate chiding' is better expressed. The song is a work of art and needs no alteration, especially on telly where the F-word is now commonplace in drama and (so-called) comedy. I'd also like to say that Stan Kelly is a grand singer, very natural,no fake accent, no sign of prtension in his voice.I don't hear of him singing anywhere these days, which is a great shame.