It's always been my understanding that the song does not refer to any specific vicar or to any particular locality, but that it's someone's potshot at the Church of England in general, in reference to what the songwriter saw as very flexible morals and principles as it adapted itself to any new political situation, sometimes even contradicting its previous positions, especially between the times of Charles II and George I. It would change its positions so adeptly that one wondered that it didn't get whiplash!

The illustrious house of Hanover and Protestant succession
To these I do allegiance swear . . . whilst they can hold possession.
For in my faith and loyalty, I never more will falter,
And George my lawful king shall be . . . until the times do alter!

Given the example of what happened to Thomas Becket after he defied Henry II, and the fate of a number of high clergymen who opposed Henry VIII's carryings on, keeping a low profile and a flexible set of principles would be a reasonable approach in the effort to keep one's head attached to one's shoulders.

At least it appears to me that that's what the song is all about.

Don Firth