Wow! It's not very often I disagree with Jon, but the essence of folk song is altering and adapting, not imitating verbatim. The proof of the pudding is in the eating. If you want to alter a song and your audience like the results I see no problem at all. Go for it, Gillymor.

My main grouse about altering folk song is those editors who alter and adapt and then try to pass off what they have created as something direct from oral tradition. This is sheer deception.

Jon,
I agree that changing a song from 1st to third person reduces its immediacy, but I don't see any vanity in altering a song to suit your own needs.