This is a great thread, but I'm not buying that the "hanging" was refering to

"nimble young sailors...would climb to the masthead and "swing out" on the proper halyard. They would then ride to the deck as the men at the foot of the mast brought them down by their successive pulls"

Which halyard? the gaff? the peak? did they ride down one section of a triple-reeved halyard block, miraculously jumping off before losing their fingers in the sheave as the sailors on deck hauled? What about the fact that sailors usually didn't take too kindly to younger sailors skylarking when there was work to be done? This just doesn't add up.

This sounds too much like a sea story to believe from a single source. I'm not going to say that it's impossible, but from the standpoint of schooner rigging--it's pretty darn near impossible.

I need more proof before I start interpreting this song this way.