Is this it? I remember this from that era. I don't recall the words you posted but they would fit the tune I know.

I'm a bow-legged chicken, I'm a knock-need hen
Haven't been so happy since I don't know when
I walk with a wiggle and a giggle and a squawk
Doin' the Tennessee Wig-Walk.

CHORUS
Put your toes together, knees apart
Bend your back, get ready to start
Clap your elbows just for luck
Then you wiggle and you waddle like a baby duck

I used to sing it to my twins when they were tiny, but that was ten years ago.