This song is originally a bavarian folksong that might be brought to america by immigrants. I got a version from a bavarian folk band called "bayerisch-diatonischer Jodelwahnsinn", and your version is nearly the same, although bavarian dialekt says "hobibank" instead of "Schnitzelbank".

it goes as following:

Is das nicht a Hobibank?
Ja, das ist a Hobibank!
Ist sie nicht ganz blitzeblank?
Ja, sie ist ganz blitzeblank.
Hobibank, Blitzeblank...
Oh du schöne Hobi-Hobibank,
Gestern hamma g`suffa, und heite samma krank!

Transl.:
Isn`t it a workbench?
Yes, it is a workbench!
Isn`t it so nice and clean?
Yes it is so nice and clean!
Oh you wonderful Workbench,
Yesterday we went to drink and today we are sick...

The stanza about the "Hobibank" is something like an induction, because this kind of song is meant to be sung with selfmade, often improvised stanzas of satirical and sometimes very ordinary contents. so "bayerisch diationischer Jodelwahnsinn" follow up with stanzas like the following:

"Ist das nicht die Allianz?
Ja das ist die Allianz!
Die versichern jeden Schwanz,
Die versichern jeden Schwanz!
Allianz, jeden Schwanz,
Oh du liebe Alli-Allianz, den Kopf ham mir versichert, doch ist er nicht mehr ganz!"

translated:
Isn`t that the "Alliance"?´[big german insurance corporation]
Yes, it is the Alliance!
They insure every cock,
They insure every cock!
Oh dear, dear alliance, we did insure the head, but it is broken...

there are a lot of such songs in bavaria. If I remember right, they are called "Schnaderlhüpfer". But me coming from northern germany, there is no guarantee on this.

- The word order "Ist das nicht ein..." is quite normal german, a question looking for confirmation, the same expression as the english "isn`t it..."

- "schnitzelbank" and "Hobibank" both are local expressions for "Hobelbank", a woodworker`s workbench.