I have a partial fix for you:

In verse 1: “he’d yarn to me”

In verse 2:
“In later years her cut-back crew
Hung dirty cargo off Peru.
When steam beat sail eventually...”

I assume “cut back” just means reduced in number.

In verse 3:
“If granddad was alive today”

I still don’t know what goes after “windjammer” but it rhymes with “worn.”
It sounds like “windjammer’s [something] corn” but I can’t make sense of it.

I believe the rest of your guesses are correct.