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.
Bare means naked, but to bear is to carry something. A bear is also a brown furry animal, but most people keep that one straight. To bare is to uncover, either by removing clothes or revealing something. It's getting down to the bare bones. Bare-knuckled or barehanded means the gloves are off. Don't walk on glass in bare feet, and don't bare your soul to a con artist.