I'd say you hit the nail on the head, I'd bet good sum of money that this was once a Celtic Pagan hunting ceremony, whose true purpose has been "lost to the mists of time"

Surely, at one point, the town's "wise" citizens wanted to continue the ritual, but had to strip it of all overt spiritual meaning to prevent being accused of "witchcraft" or "satanism" by the town's Christians.

Its common practice to use the "law of contagion" to effect change at a distance. The antlers and the bow are meant to link the energy generated in the ceremony to the hunt. (though the antlers could also be a connection to cernunnos, the celtic antlered god of the forest)

Also, the use of rhythmic music or dance to induce a shallow trance and thereby focus the participants' energy is very common, for example:
-the chanting of gregorian monks
-the chanting of budhist monks
-Hindu Mantras
-Black-southern-style gospel singing
-Native American rain dances
(as a matter of fact, look how similar those dance moves look to something you would see at a pow-wow)

I'll almost guarantee at one point this ritual was meant to raise the group's energy, and perhaps ask for some from Cernunnos, then direct that energy so that the town's hunters would have a successful season.

Though now, as Chad says, it looks like it has degraded into "British eccentricity"

If anyone shows up at elk camp in that horsie outfit they'll be the first thing hanging from the tree!

Its amazing what good accordian music will prompt one to do.

i prefer our deer camp tradition of having to supply a bottle of liquor the evening after you harvest a deer and toast the hunt. usually leads to a headache the next day but beats the hell out of dancing with antlers and acordions. just my opinion.

Most of the beliefs,customs and practices have been handed down through the ages, from clans and families, creating alot of interesting rituals,spiritual or not.

I wonder if any of the families represented here on Field and Stream would care to share theirs ...
for instance,what ritual do you partake of prior to opening day deer season?

Note the size and shape of the antlers, many communities had such ceremonies to mark the wheel of the year. One british community I read about had antique antlers that turned out to be from extinct giant red deer and were possibly thousands of years old. Such rituals bring communities together even today, whether one is attending the Bromley-Heath Antler dance or the annual Punkin Chunkin contest. Lammas is coming August 1, now, Thats the Beer Festival and I must get to my brewing!