mg, I appreciate your concerns about children's recreational songs/rhymes containing words that have negative meanings. I also acknowledge your suggestion that sometimes adults should step in and substitute a culturally correct word or phrase in place of one that is offensive.

However, in my opinion, "Gigalo" doesn't rise to that occassion.
Of course, you may disagree. And you have a right to do so.

That said, as people interested in collecting & preserving examples of folk cultures, it seems to me that we have the obligation to record as thoroughly and accurately as possible what our informants say. And that includes any words that we might think are objectionable. When I'm in "collection mode" with children and teens, I don't think it's appropriate to suggest other words for the material these informants are sharing. I think that would act to stifle their sharing. And I absolutely don't want to do that.

Again, your mileage may vary.

or as I've said since I was a young adult-
"Different strokes for different folks,"