This is one of those lyric songs which is made of "floating" verses, which turn up all over the place.  It doesn't mean that songs which share a verse or two are necessarily related.  The verses quoted from Peggy Seeger, for example, are a quite separate song called The Belt Wi' Colours Three; Alison MacMorland recorded the best-known set of it, having adapted it from the version in Christie's Traditional Ballad Airs From the North of Scotland; Seeger's words are rather cut-down, simplified and anglicised by comparison.  Do you happen to know if she recorded a traditional version, or is it her own modification of one?  There's an even longer one with a more coherent narrative in Ord's Bothy Songs and Ballads, without a melody.  There have been a number of discussions about "floaters" here in the past, and I put in a number of links to similar songs in this thread:  I Wish, I Wish

Malcolm