I think there are a few local dialect words included here that may be difficult and the translation could be better. But that isn't uncommon in CD cover notes in dealing with Irish language lyrics. I'd say the song is poking fun at some of the worthy local characters.The 'Cailleach Riabhach' could be some witch of local lore (hence the Halloween reference).
'Bunnaidh Chinn' and 'Bannaidh Chinn', neidí beag an tsléibh', 'velvet bocht', 'Neansaí Gabha 's na gasúir' and 'Micheál Ó Báinichín, could all be references to local characters around Feadarnach.
I'd have the last verse go: You should have seen Michael O'Bainichin And he going off with his creel, To gather fuel for the fire With his 'dandy cap' for a sunhat.
Ard Mhaca, a regular mudcatter, might be able to throw light on this.