Could it be, like some other songs of the era, meaningless. Dylan is a clever wordsmith but doesn't always make sense! quote
you have hit the nail on the head, or as dylan said quote

The jack and queen
Have forsaked the courtyard
52 gypsies
Now file past the guards
In the space where the deuce
And the ace once ran wild
Farewell, Angelina
The sky is falling
I'll see you in a while
See the cross-eyed pirates sitting
Perched in the sun
Shooting tin cans
With a sawed-off shotgun
And the neighbors, they clap
And they cheer with each blast
But farewell, Angelina
The sky's changing color
And I must leave fast
King Kong, little elves
On the rooftop they dance
Valentino-type tangos
While the make-up man's hands