I agree with what you are saying that the lyrics/intent is the most straightforward issue here. Find the lyrics were written from perspective of a slave owner and the song should be done away with, easy. If it's simply the bolded (like I expect the report to show) then yeah lets put that part to bed. I think you are underplaying the debut at a minstrel show aspect though.
I'm not DD here, the facts and intent does matter and the whole thing is salvageable depending on what those are. I don't think the song should be shamefully banished if the entire issue is that it was first preformed at a minstrel show 100 years ago. At the same time, if black players (or anyone) don't want to stand up and sing that song now that it's history is common knowledge I don't think that's unreasonable. I'm certainly not interested in MAKING anyone sing it if they feel that way. That's what has to be navigated.