I've come to this thread decades late, because I'm probably the only person on the planet who has never heard this song.

My two cents is simply to commend Gibb, Robert, and others for trying to sort fact from fiction here. And succeeding.

Additional two cents: I can't imagine anybody in the nineteenth century naming a whaling ship after a "a tin or enamel cooking pot with a lid and a wire handle, for use when camping" (Oxford).

"Walloping Window Blind" would be a better choice.