Lake Serpent isn't as melodic a name as Edmund Fitzgerald. It wouldn't lend well to lyrics.
I think it was Lake Superior,but the name of the sunken ship is the Edmund Fitzgerald.
The cool thing about Great Lakes shipwrecks are the fresh water and silt tends to preserve things. I vaguely recall a shipwreck discovered there maybe 25 years ago that had gone down in the 1920's,and there were still a bunch of 1920's automobiles chained down in the hull. Some were recovered and were restorable after being hosed down.
Supposedly there are a lot of lumber ships sunken there that have lumber on them that is worth a huge amount of money these days because you just can't find and cut trees that thick and straight anymore,and even if you could,the lumber would still be very expensive.
No doubt there is a lot of coal and steel on the bottoms there,too.
