I'm afraid I don't know the original well enough to do this justice, but how does this sound ?

That Magnificent Man

That magnificent man controlling flying machines
He sends them up tiddly up up, brings them down tiddly own down
But when work's at an end, to the bar he soon leans
He will sup tiddly up sup, drink it down tiddly own down

Sup! Down! Swill it around
Sway on one leg, and then fall to the ground
Can you picture the scene
That magnificent man controlling flying machines

On his way to the bar, what a very odd scene
There's a man with a glass and it's stuck to his hand
A sight that's most odd, O just what can it mean
There's a guitar by his side, he belongs to a band

Play Up! Strum down! Jam it around
Pick with your fingers, and make a cool sound
But when picking gets rough
Superglue on the fingers, he's heard is the stuff

Our magnificent man to the rescue has come
He removes the stuck glass, so the player can strum
As a gesture of thanks, what can the player do?
"This glass and this beer, here, I give them to you."

Sup! Down! Swill it around
Sway on one leg, but don't fall to the ground
Policeman arrives on the scene
Sees magnificent man fresh from flying machines.

In the court the next day he is taken by car
He's been set up tiddly up up, he'll go down tiddly own down
For the glass wasn't his, it belonged to the bar
He throws up tiddly up up, wash him down tiddly own down

Play Up! Drink Down! Joking around
Tip off the cops and then don't make a sound
The strummer really was mean
To the magnificent man controlling flying machines