Aah've aalwez sung it as 'Clouting up St Peter's Shoon'
As far as aah can remember (as a lad on Tyneside) 'clouting' was 'cobbling' or mending - so the man in the moon was mending St Peter's shoes - But aahh like the polishing idea an' aall
This might aall be a load of cobblers, mind!