I have "Sacred 78s" which has the lyrics to a later version of this song. I think you're mostly right about the 30s version, a few comments:

* is "craf", a woman
** is Tamboo Bamboo, a type of carnival band pre-dating steel pan

"She hold a gin-bottle" is given as "She heard a gin bottle" i.e. he can hear a bottle-and-spoon band.

The last verse is given as, "The craf caught a vap and she start to dance". I have no idea what a vap is. The last line is given as "... and she nighty fall".

Also the lyrics "If you can't stand the digging/Give me back me shilling" are sung in other versions of this song.