Is it good theology? Let's look at the lyrics:
"Sooner or later God will cut you down" - Ezekiel 18:4 "Behold, all souls are mine; as the soul of the father, so also the soul of the son is mine: the soul that sinneth, it shall die."
So every sinner will die. Who are sinners? The song mentions a "long tongued liar", "midnight rider", "rambler", "gambler", "backbiter". I'm not sure what most of those are (or what is wrong with being out after midnight...).
But what about "long tongued liar"? Perhaps a reference to Satan -- but, how many lies must one tell to be a liar? Revelation 21:8 "all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death."
This gives us greater insight. 1 Timothy 1:8 "But we know that the law [is] good, if a man use it lawfully;" (The law refers to God's Law given to Moses, the Ten Commandments). And 1 John 3:4 "Whosoever committeth sin transgresseth also the law: for sin is the transgression of the law."
A sinner is anyone who has broken God's Law (listed in Exodus 20:1-17).
And not just in actions (this is made clear by the tenth commandment (verse 17):
"Thou shalt not covet thy neighbour's house, thou shalt not covet thy neighbour's wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that [is] thy neighbour's.")Coveting is in the heart (mind), this is what Jesus is talking about when He says (Matthew 15:19) "For out of the heart proceed evil thoughts, murders, adulteries, fornications, thefts, false witness, blasphemies".
Hatred is murder in your heart (#6, verse 13).
Lust is adultery in your heart (#7, verse 14).
False witness (lying) is sin (#9, verse 16).
We are all sinners (Romans 3:23), and God will cut us all down.