The version in Greenleaf and Mansfield, as sung by Patrick Lewis, is the same as the one at the head of this thread, but has BRIGHT blue sea, not deep blue sea.
Without seeing the text in White's "Complete Music Album," or perhaps that Songster of 1880, we don't know the original words and are unlikely to find them. It probably differs from the song we know.
Perhaps the text in Greenleaf and Mansfield, from 1929, the oldest of the ones we know, is the best choice. Substitute bright for blue in the version up top and we have it.

All of us are assuming that the song writer knew which cape or island he was talking about in his lyrics- perhaps bacalhao was a little joke.

Who was the supposed author, John Read, mentioned in Greenleaf and Mansfield? Someone who knows American theatre is needed to find out about him.