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.
Bort-like heavily twinned diamond from Congo. Bort or boart is a term used in the diamond industry to refer to shards of non-gem-grade/quality diamonds. In the manufacturing and heavy industries, bort is used to describe dark, imperfectly formed/crystallized diamonds of varying levels of opacity.