You'll find all three, castles, horns, swords, in use during the ECW!!

Little Musgrave seems to be the original peacock or poodle-faker.
The ballads sympathies do not seem to lie with Little Musgrave, who, though at church, is not attending to any Christian duties, but is checking out girls.
Also, I'm not sure we need to take 'pocket-knife' at face value. It could be that were LM carrying a beretta he'd say to LB "all I've got is this little peashooter, but you have two assault rifles!"

Lord Barnard, out attending to duty, is the injured party. Even in a rage he won't do something as low as kill an unarmed man (which I think is what is ment by naked), but gives him a fighting chance.

The servant, at risk to his life, is loyal to his master and helps preserve his honour.