I think that's a fair approximation... I wonder if it was also worn as part of religious rites, 'pantomime horse' style?
An English tradition for them is a little different to the Norse one. Nithings were social outcasts and the pole was used as part of the process of declaring them 'Nothing' or 'Nobody', i.e. withdrawing all their legal/social rights. They were 'scolded' by their accuser, which basically was him shouting his charges, along with assorted insults, right in their face. If the accused didn't respond by instant and violent attack on his accuser, he was cast out.
Homosexuality, cross-dressing, cowardice, bestiality, mental illness, physical deformity, malevolent witchcraft and 'effeminacy' are all thought to be grounds for the rite, pretty much anything 'unmanly' in pagan English terms.
Like most Germanic societies, the Horse was an important symbol to the early English too.