1. Yes recorded at Musicland. This is clearly a professionally recorded multi track recording whereas SIR studios in LA was just a rehearsal studio.
2. Jimmy stated that Robert didn't come up with lyrics for it. To understand this, one has to understand Zep and Jimmy's approach to recording. In many cases, Jimmy would construct a song and deliver it in its final form to Robert. The Song Remains the Same and Ten Years Gone are two examples of this. So it looks like this track was worked up, but just didn't get to the finish line.
3. Lord only knows what the title means totally random bizarre and quintessentially Zep.