That's really interesting, I wouldn't have thought of it that way if you hadn't brought it up.

The website from which I got the lyrics, said something about how the writer actually wrote it as a tribute to the King. Though there could have been a hidden message behind it. I think that a better translation would be easier to understand. or perhaps a breakdown of what the words actually mean instead of their equivalent English counterparts. Transliteration can often erase hidden meanings between the lines and give rise to others that were not intended in the writer's mind.
I actually like your call to revolution theory. It's kind of funny to think that the poet read a poem to the English King on his first visit to India that called for the downfall of his rule there.