I don't suppose this song, titled "Come si Canta in Guerra" is what you're looking for? I don't see the word aeroplano but it's by the same guy and has pictures of airplanes along the bottom of the page.

This book repeatedly turned up under search results for Natale di Palma - I didn't see anything that was obviously formatted like a song but that doesn't mean it's not in there somewhere.

Searching for "E. Bevilacqua" turned up this and this -- same story as above.

Perhaps most promising, searching that title gives you this page which is on the surface useful. Supposedly somewhere in there, there is text matching the words "Giacomino in Aeroplane" but I can't figure out a way to streamline looking through it and I'm not going to sift through 199 images in the hopes of finding it -- if someone knows a better way to search those LOC sites though, let me know. If you view a single image you can click "show text" - that may help some

Good luck!