I remember Lady Hillary's verse slightly differently. Her's (above)

I'm singing this song to the one I love best
and her talcum is sprinkled all over my chest.

Mine:

There's a place in my heart for the one I love best
and I still wear her picture tattooed my chest.

From Spencer Tracy's singing in Captain's Courageous, as far as I remember it. But it's been years since I've seen the movie.