It isn't a question for me of there being one right way to do this song. As long as I'm unsure about the references of this song I'll be uncomfortable with singing it, and that will show. I can't arbitrarily give a song meaning if it means something else.Other's mileage may vary, but I've got to know what I'm talking (singing) about before I can make a decision about whether I want to take the song any farther, and make a decision about performance.
I don't fear doing songs which require a historical perspective, or some audience education. Nor do I fear saying this one's not right for me/this audience/this event. But, for me, I'm not giving the audience its money's worth, nor pleasing myself if, on some level, I'm saying "I'm not really sure what this song is about, but I'm going to sing it anyway."
Thanks to everyone who has rung in here. Your suggestions and points of view have helped in many ways.
D