What a great song / tribute. Other naval disasters, the Thresher and Arizona for example, could serve as inspiration but Lightfoot; a Canadian, chose this one not surprisingly. One of few songs whose lyrics are burned into memory. Dan Folgleberg had a few, also.
Another song about a tragedy is Cold Missouri Waters about the 1949 Mann Gulch Fire where 12 smoke jumpers and one other fire fighter died. Cry, Cry Cry did a good cover of the song. Its from the perspective of the crew chief, Dodge, who survived the fire. It is a very haunting song. Norman MacLean wrote the book Young Men and Fire about this tragedy. He was the author of A River Runs Through It.