Woody's take on Stag makes him a "bad man," yes, but he's also pretty vain. I personally don't own many suits of clothes that cost a hundred dollars, and it's almost been 113 years since the original story took place. It's rare to hear a version of Stag that doesn't celebrate him at all -- Woody says "we was all glad to see him die"!!
Sometime I'll do a rundown of the various guns Stag has used in different versions of his tale -- usually it just comes down to which caliber rhymes with the previous line. Here it's a .41, though we've also heard from .44s and .45s. The real Stag in 1895 St. Louis used a .44.