No connection at all, I'm sure; but the singer (or perhaps her aunt, from whom she had learned it eighty years previously, she said) had only one verse and the chorus and seems, not knowing the real story, to have put her own imaginative gloss on it. The title, The Drowning Lady (The Witch Song) presumably came from her. Flanders and Olney refer to a comment by Kittredge from his Witchcraft in Old and New England, but there's no particular reason to think that he was talking about this song.

Johnny Sands seems to have been a mid 19th century re-write of the story for the music hall, and was widely printed on broadsides and in songsters of the period. It wasn't the only such remake; a song called Lawyer Brief; or, A New Way to get rid of a Scolding Wife, appeared in volume 2 of The Universal Songster (c.1826, p 334) but doesn't seem to have been taken up by the public in the way that the (likely, later) Johnny Sands was.

I can't help on the Lloyd set, but there's always a chance that he told somebody something, and there are people who look in here who knew him. You might strike lucky, but it can be the devil's own job working out where he got things from.