I am sorry to disagree, but I have studied Jazz playing and lyrics and slang for over 60 years, and your explanations are incorrect. In the 1920's, and much later as well, both the words "boo" and "bhang" were references to smokable marijuana. Even in the '60's musicians would ask "Have you got any Boo?" The song goes
Chorus: "I'se (I is) a muggin' (smoking) boo, followed by a Scat line
"We's (We is) a muggin bhang, followed by a Scat line.
Scat line
The song then alternates the 4 line verse, then the chorus again, then another 4 line verse. The Django Reinhardt Stephane Grapelli Freddy Taylor version is 4/4. I believe the Andy Kirk and His Clouds of Joy version is all 4/4.
The term muggin' may come from the strange faces people made when trying not to cough on a lungful of marijuana smoke. In itself it became a term for smoking marijuana "Where's Dodo?" "Out back muggin'". The word Muggles was a name for a Marijuana smoker, commonly one who was incoherent or had slurred speech. (cf Clark Terry and Oscar Peterson, Muggles)
Bhang is, I believe, Hindustani for smokable marijuana.
The song was written by Stuff Smith for his group Stuff Smith and His Onyx Club Boys, as was the song If You's a Viper. Frankie Newton, who followed Stuff at the Onyx Club had his own song "Smoke some tea, and come with me, and we shall carry on" about the same subject. (cf Frankie Newton and the Onyx Club Orchestra Complete Recordings 1936.) In Ken Burns' series Jazz, Louis Armstrong is mentioned as having smoked marijuana every day of his adult life.
Stuff also wrote, with Fats Waller, the song If You's a Viper ("Dream about a Reefer five feet long,/ A little bit hot but not too strong,/ you'll get high but not for long,/ If you's a Viper. I'm the king of everything,/ Gotta get high before I can swing,/ Light that tea and let it be,/ If you's a Viper. // When your throat gets dry/ you know you're high,/ Everything is dandy,/ Truck on down to the Candy Store,/ bust your conk on peppermint candy." A later line is "The sky is high and so am I,/ If you's a viper."
Both songs may be credited to Tin Pan Alley writers, but the credit is wrong, as anyone familiar with the original recordings will know. Fat's Waller sold a great number of his original songs to publishing companies for cash in hand. He regularly sold them several times to several different companies. Additionally, the publishing companies would steal new lyrics by black artists and put the names of other writers on them. In the oughts, teens and twenties, most black musicians were concerned with making their livelihood from live performances. Both Duke Ellington, and Louis Armstrong gave up 50% of their earnings and publishing rights to their managers. That's just how black musicians were treated.
Rob Boyter