I knew I had this somewhere, but it took the extra info provided to remind me -eventually- of the title; then a rather frustrating search through old vinyl not finding things I'm supposed to have. However...

The song is called The Last o' the Tinkler. As Drumshanty suggested, it started out as a poem by Violet Jacob (1863-1946), and was set by Sylvia Barnes to an unidentified "traditional tune". She recorded it with the band she was with at the time, "Kentigern", on their eponymous LP made in 1979 (Topic 12TS394). The "pipe tune" reference may come from the pipe solo in the song, which was based on the first line of a pibroch, The Old Woman's Lullaby.

It may be a while before I can unearth the record deck and actually listen to the song, but I'll get back to it unless someone else has it more readily to hand now that we know where it can be found. There's also a good chance that it appears in anthologies of Scottish verse; quite a lot of Jacob's poems do.