this ship of fools tab was transcribed in the key of C maj, but it should be Bflat maj, the F#o7 may be in the correct spot tho because i dont think that the chord writen is really F#o7 i believe its Ao7
welcome to the board, SYOT, feel free to start a little thread to introduck yourself. Wait, strike that. Introduce yourself.
You are correct, but iirc, the music was originally published in that tuning, in order to use more open chords for beginner and intermediate players. A more "standard" key, at least for rock or folk players.
http://www.jdarks.com/files/shipoffools.html has it in Bb, hth