Sorry, getting confused over versions. I used to sing at least three different ones (Just to myself, to keep awake in long drives).

Martin Carthy (bower in Bucklesford Bury version), Nic's and Fairport's. The pocket knife was in Fairport's Matty Groves.

Nic has
'I have two swords in one scabbard, full dear they cost my purse
And you shall have the better of them, and I shall have the worst'

As you saw, my link was to a 300 year old version which does not imply that Musgrove was one of the gentry. So not a new tweak.

BTW One of the copies in the Bodliean library has a note written by the collector, that 'The protagonists were alive in 1543'. I wonder where he got THAT from! No indication of the date that note was added.