In the United States Margaritaville reached number eight on the Billboard Hot 100 chart, and went to number one on the Easy Listening chart, also peaking at #13 on the Hot Country Songs chart. Billboard ranked it number 14 on its 1977 Pop Singles year-end chart. It remains Buffett's highest charting solo single.
Bare bodkin is the salient point (no pun intended) of this line, so it gets the stresses. This creates a pyrrhic/spondee/iamb/iamb/iamb rhythm. Bodkin at the time meant a sharp instrument, much like an awl, used for punching holes in leather.
Definition of bolly. plural. -es. 1 : a cotton boll that has remained unopened or partly opened usually as a result of frost injury; also : a quantity of such bolls usually cracked and ginned. 2 : cotton ginned from undeveloped bolls.