Only one suggested revision to the above:

"Don't be like the foolish virgins TEN
For he's coming, and you know not when
Have your lamp soaked, trimmed and burning bright
You shall wear a golden crown!" (capitalized for emphasis)

This whole verse is a reference to the parable of the ten virgins in Matthew chapter 25. Half of them did not have their lamps read so they were unable to go to the wedding feast (symbolically warning Christians that they have to be ready for salvation as the world could end at any time, just like wedding feast of this parable could start at any time). Outside of James 1:12 "he shall receive the crown of life") this is probably the most clear cut scriptural reference, in a time when many of these hymns were at least loosely inspired and often consciously developed to relate the content of specific Bible passages. Thus, it's likely part of the backbone of the song's composition.