"Baughn" is an English surname, as is "Vaughan."

So, other than the variable spelling, the name alone doesn't tell us much about the ballad's origin.

The OED gives no hint that "Toby" ever meant "gunsmith."

"Toby" was once a nickname for "Tobias." Now it's become a given name, as in the case of the actor Toby Maguire.