Hi Scott
The trouble is I don't know what beat you are using. I just picked a 4/4 country on my G-70 at 151 bpm. This is plenty fast for this song because-yes, they are dancing half speed. I don't want to confuse matters but this is a 4/4 with a 2 beat feel. You would dance one step for every two beats. I would use a 141 4/4 for this song, and they are stepping to half of that. I can't see how you came up with 218 bpm.
Here it is, 218 bpm:
http://www.youtube.com/watch?v=OCFVR7cPbbA