Here are Ewan MacColl's notes from his 1962 album "The Jacobite Rebellions".

"James Hogg, in his Jacobite Relics, places the song as belonging to one of the risings, either 1715 or 1745. MacGillvary of Drumglass is one of the chiefs mentioned in the Chevalier's Muster Roll of 1715: and in the '45 rebellion the powerful clan of McIntosh was led by a Colonel MacGillivary. On the other hand, the names might have been used as a convenient designation for loyal Highlanders.

gouk's nest= cuckoo's nest. weigh bank= scales. wud= mad. elwand= measuring rod. rief= banditry. callan = fine fellow. lingel= shoemaker's thread. mumpit wi' mirds= lulled with flattery. blads= large ortions. flyting= scolding."

Sadly MacColl's great album has, as far as I know, never been released on CD. (btw, I hope we're talking about the same song)!