In the version I sang in 1962, (which I learned from I don't remember who - we all just rolled around in one big melting pot in those days - it certainly could have been from John Jacob Niles -I'm hearing his voice singing it in my head right now, but maybe it's an aural hallucination ...) Any way, in my version the line is, "He would go to Frankfurt, A-LOGGIN' on the rise ..." and there are no red shoes in any version I ever heard anyone sing. The last verse goes:

If I were like city girls, all fair and smart
Not a lad in all these parts would know my heart
My red heels would go flashing where e'er my fancy should
My love would see and wish that he had taken me when he could

Balladeer

PS. I wouldn't be surprised if the Fairports made their version up. Inspired by a wisp of something someone overheard ...