I was just rechecking this old thread and realized that I had more recently channeled a different traditional tune for it, "Doodle Let Me Go (Yellar Gals)," which I think works better.
Getting back to Barry Finn's old question about what CFS means with the phrase "Norrard on a bowline," I've been think it refers to a bearing rather than a knot, or in other words sailing straight North. Of course, when a sailing ship rounds Cape Horn heading East, it would most likely be running a zigzag course rather than a straight one.