Snuffy,
Les has explained some of the phrases
Like many 'personal' songs, the lyrics make sense if you know a bit of local background. This is only my interpretation, but it's the picture I have in my mind when I sing the song.
Lal was in her teens in the '50s, Jelly Roll (Morton) and Jerry Lee (Lewis) were both famous piano players, (jazz and rock'n'roll respectively) though Morton died in 1941. Local dance halls in the 50's often used records for dancing.
Lal's 'old salty' was probably a trawlerman. Local lads went 'pleasuring' on the trawlers in the North Sea and distant water grounds from the age of about 11, then went to sea on leaving school at 14, so a man in his late 20s had often been a trawlerman for half his life.
The 'weird stare, further than the eye can see' was that of a man used to scanning the horizon.
Trawlermen were at sea for about three weeks, ashore for a 2/3 days, so didn't have time to find their 'land legs', and walked with the typical rolling gait of a sailor.

'Head like a toy shop' is a bit more difficult to explain, but this excerpt from The Guardian goes part way towards it
"Wednesday January 9, 2002
The Guardian
In the 1950s, almost 8,000 trawlermen worked out of Hull….
If they had a good haul, and the markets were favourable, they could walk away from the dockside "settlings" with their pockets stuffed with cash. They had 72 hours to enjoy it. Hence their nickname, the three-day millionaires… Despite their macho image, the trawlermen had a surprisingly dandyish streak. One tradition of the men was a visit to their tailor to be measured for something stylish - high waistbands, wide bottoms, moon pockets, in a range of colours, from sky blue to shocking pink. …"
Combine this with the fact that the men used Brylcreem or hair oil and groomed their hair carefully, think of an Elvis toy, and you've more or less got the picture.
Eliza Carthy sometimes posts on Mudcat, so she may add to the thread with some first hand info.