I am not interested in folksongs, nor in their history. I only looked at this forum because I had to play Looby Loo on my accordion and, having heard the song before, wondered where it came from.
Now I am Dutch, and as such more versed in strange countries like France than you Brits. And I have always associated Looby Loo with the French 'loup' and 'loup garou'. So in my feelings the connection is not so far fetched, MGM-Lion!