I like the idea of covering it with a lewd wink but am starting to come down on the idea of drink because most of the verses or odd and could mostly be explained by taking "act" as drink.

If "Bright Phoebe" refers to the moon, why does she have red rosy cheeks and a sparkling eye (drink?) - unless it should be "Bright Phoebus", referring to the sun ... ?

I've generally taken the third verse as "ask me for credit" but "ask for my credit" seem to be the words that are generally sung - rather odd.

I'm starting to wonder whether it was written as a nonsense song.