I first got here to what looks like a very interesting site by googling the words in the subject line above. As a sort of `ukulele player, I have been familiar with that song for many years, but there is a puzzle in it for me that no one in the thread that came up answered.
I have always been well aware that "makou" means "the group of us, excluding you." What I have always wondered is, who is the "`oe" with the nice eyes/face, etc., that is being sung to? What is special about him/her that we others are doing all these movements for?
The history of the song indicates that it was written as a hula for performance at a hotel. I'd say the E huli is addressing the dancers, exclusive of the audience.