You have most of the words. Without going back over all those posts, I recall:

We drove her so hard off Pemaquid Neck
Oh lower the boat down
The Captain was thinking he'd broken her back
Lower the yawl boat down.

We were driving 10 knots it was thick as a hedge
Oh lower the boat down
We pounded her board on the Bass Harbor Ledge lower the yawl boat down.

In this case, a "yawl boat" is a smal power launch used to push the schooner in crowded harbors.

Interesting that you think Gordons songs are "goody goody", have you heard Cape Ann?