So, I did a little googling and answered at least part of my own question about this song.
I can't help but think that the singers of this heard some form of Keemo Kymo, because the tune is the same, and the chorus structure resembles Carrion Crow and versions of Keemo Kymo.
Blessings,
Barbara

BARBAGAL
This is a traditional piemontese song (Piemonte is a north-west of Italy county). The language is a dialect. Who is Barbagal? Barbagal is a poor man (pur'om) who lives doing different jobs..

This is a story about Barbagal, a drunkard, who rode through the town in the middle of the night on his horse with a bottle in his hand wearing nothing but his underwear, waking everyone up by shouting at the top of his voice, "I am a drunken fool."

BARBAGAL

Barbagal l'è n'dait iera ancura noeit
Diridin don, diridon, poura mi.
Cul bunet an's i'oei l'è muntà a caval
Diridin don, diridon, poura mi.

E follì, follà, follero, e follero, lero, lì.
O bun om Barbagal pour'om
Diridin don, diridon, poura mi.

A porte lo cure come fu sal ra
Diridin don, diridon, poura mi
A jo la voi gal, a bara voi gar
Diridin don, diridon, poura mi

E foli, fola, folero, e folero, lero lì
Amora am barbagal porom
Diridin don, diridon, poura mi

'n sal ciuchè la noeit a fasia 'n ciadel
Diridin don, diridon, poura mi.
A criava fort i sun mi 'l pì bel
Diridin don, diridon, poura mi.

E follì, follà, follero, e follero, lero, lì.
O bun om Barbagal pour'om
Diridin don, diridon, poura mi.

Cun le braie curte e cul pintun an man
Diridin don, diridon, poura mi.
A criava a tuta forsa: "Sun an rabadan"
Diridin don, diridon, poura mi.

E follì, follà, follero, e follero, lero, lì.
O bun om Barbagal pour'om
Diridin don, diridon, poura mi.

Quandi che l'Munvis a l'à 'l capel
Diridin don, diridon, poura mi.
O ca fa brut o ca fa bel
Diridin don, diridon, poura mi.

E follì, follà, follero, e follero, lero, lì.
O bun om Barbagal pour'om
Diridin don, diridon, poura mi.