I learned a version of this growing up, Wolfgang. And I don't remember the rich man's name. Zebedee maybe?
I do remember that the chorus went
Ho ry-chee rum, (2X)
Skittle-ma whack a doo jee ak,
Ho ry-chee rum.
And 'spruce' is right. It's a slang word for 'dapper', or 'natty'. People say 'he's all spruced up' when they mean dressed fancy. Sunday-go-to-meetin' dressed. Have I found one that works for you yet?
I didn't remember all the different drinks at the end in my Sunday School version, just that he shovelled coal-i-um. If it's a drink, it's chartreuse, if it's a cigar, it's a cheroot.
I'll bet somebody knows who the rich man was.