I've been thinking about the original question, which is "Would you sing this song?"

I've decided that I might, because it provides a bridge between naive, doting 'Johnny' songs (in which a maiden is much too trusting) and the song 'As We March-ed down to Fenerio,' in which the maiden rejects the soldier come a-wooing and won't go away with him.

The song 'Peggy and the Soldier' could be viewed as a teaching song, advising young women not to go off with charming guys (esp military) who show up waggling bags of gold and making empty promises.

But I don't think I would ever sing it except as part of history lesson, so to speak.