Yeah he was playing to the crowd by speculating on the origins of the melody which most likely was Irish or Scottish in origin. But the real point is the universal appeal of this song - embraced by everyone from folk singers to freedom fighters to civil war soldiers, and is even considered the "Cherokee National Anthem". It just seems to strike a (pentatonic) chord.
I can't help but think that songs such as this build up an emotional "baggage" (non-judgmental but I couldn't think of a better term) over the decades (centuries in this case) from the angst of those who sang and listened and you can't help but tune in to this with performances such as Wintley's. The "setup" by Wintley, however much may be bs, only heightens the effect.
One of my favorite versions is Victor Wooten on the electric bass. This is from the Bela Fleck DVD, one of my all time favorite music DVD's - a
very diverse disk with Indian Tabla, Jamaican steel drums, and a Tuvan throat singer, aside from the normally diverse Fleck crowd (banjo, saxes, flute, bassoon, futureman whooten, etc). This performance might be merely "interesting" if not for our familiarity and associations with the song which add another dimension.
http://www.youtube.com/watch?v=pEyEu-hS0fA
ps: you might check out Victor's version of Norwegian Wood also
http://www.youtube.com/watch?v=f9a4ThBNacY
- DL