You're right about "Never smile at a crocodile" missing lyrics in the movie. I was disappointed too. Kids love that song, so it's a shame they were omitted (or not invented at the time)?
I watched Peter Pan SO much when ds was in the age range of 2.5-3.5 that I found I started to deconstruct the movie and probably could have written an academic paper on it. In fact, one day, while breastfeeding dd, I suddenly realized that the father=captain hook. I announced my findings to some visitors who had popped round while I'd had my epiphany, thinking they'd share my excitement, but they were completely unimpressed. As well they should have been.