Well, we used to sing it a bit differently:

"It's Howdy Doody Time
This show ain't worth a dime,
And as for Clarabelle,
He can go straight to..."

We didn't have TV back then, but there was a radio version on Saturday mornings, which was probably a selectively edited version of the daily TV shows, eliminating as many of the sight gags as possible.

There was an EXCELLENT book, Hey Kids, What Time Is It", which gave an extensive, unauthorized behind the scenes look at the show and its various cast members.

The author was the son of one of the show's execs. Can't remember his name but your library may have it.