I'd recommend singing it unaccompanied with no harmonic support at all. That was the way it was originally sung, of course, and many traditional singers still sing it that way. The story, the melody, even the imagery are powerful enough to carry the song (and an audience) without any guitars or whatevers. In fact, often when I hear a song like this sung with accompaniment, the instruments frequently obscure the words, ruining the whole point of the song.

Just my two cents.

It is a great song, fun to sing and can definitely hold an audience.

Cheers,

David