That's good, Dave. I think you are on to the original intent of the song. I've taken your version, Dave, and changed it a little to make it more clear what's going on.
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It was of three jolly sportsmen went out to hunt a fox
But where shall we find him amongst the trees and rocks?
The first they met was a fair maid a combing of her locks
Who swore she saw bold Reynard hid amongst the pure white ducks.

Cho: With a hip-hip-hip of my horn-O
And away went the merry, merry band
With a ran-tan-tan and a chivy-chivy-chan
All over the merry, merry strand
Bugle-ugle-ugle went the bugle horn
Tally-ho, tally-ho, tally-ho
And through the woods we'll go, brave boys
And through the woods we'll go

The next they met was a farmer a working at his land
Who swore he saw bold Reynard hide amongst his snow-white lambs.
The next they met was a miller a working at his mill
Who swore he saw bold Reynard sneak o'er yonder chalky hill.

Cho

The next they met was a blind man, as blind as he could be
Who swore he saw bold Reynard run up a hollow tree.
The last they met was a parson and he was dressed in black
Who swore bold Reynard jumped on him and hid behind his back.

"How doth he hide?", the huntsmen cried, "and him so bold and bright?
For surely none would lie to us and keep him from our sight.
We've rode so far, our mounts are tired, the dogs a weary band.
For surely such a crafty fox was ne'er seen in this land."