I think that's right. The song hints to that a few times pretty explicitly. They say "a sad pun" - this certainly is a pun. And when he says "I'll repeat it for those who may not have already guessed" he's saying that there is one thing for people to guess that will make them realize what it's about, and hopefully saying the title - or saying "the world's a dress" - one more time will make it all clear.
I think that's right. The song hints to that a few times pretty explicitly. They say "a sad pun" - this certainly is a pun. And when he says "I'll repeat it for those who may not have already guessed" he's saying that there is one thing for people to guess that will make them realize what it's about, and hopefully saying the title - or saying "the world's a dress" - one more time will make it all clear.