This is not so much an allusion as it is a clear direction to another work.
That Shakesperian Rag was an American ragtime tune circa 1912. Eliot added "he" to the title to create "Shakespeherian Rag." The repeated Os may have been to allude to Shakespeare, who used these a lot. The Os used by Eliot were not used in the song That Shakesperian Rag.
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