I somehow doubt that the term "punk" - as used in the late 1970s in "punk rock" etc - had much connection with earlier uses of the word? ::)
I say this with some conviction, since - by pure chance - I was a school classmate of the author of the first published punk novel, rather unimaginatively titled "The Punk", by Gideon Sams (which he wrote in 1977 when he was 15 - not 14, as is claimed in some sources). If there were historical analogies or parallels to be drawn, then Gideon certainly wasn't letting on, and in his view, punk was an entirely new ethos whose function was to blow away all that had come before it. Gideon lived-out the entire punk miasma to the full, and sadly left this world in the mid-80s, without ever hitting the presses successfully again. He was, incidentally, expelled from our school for having written it, although not for slashing his trousers and safety-pinning them... which speaks volumes about the kind of school it was, really.
http://www.punk77.co.uk/groups/thepunk.htmThe Narrator (aka The Criminologist - a role I've once, ehem, played myself) in THE ROCKY HORROR SHOW (1973) dismisses Eddie the Messenger-Boy as "a low-down, cheap little punk!" and this might have stuck in the minds of seminal punk-culture figures like Malcolm McClaren? (It's hard to overestimate the cult influence of ROCKY in the 1970s... and indeed later too).
Although there is (allegedly) a Shakespearean use of the word "punk" to mean "a prostitute", a fresh meaning - implying a dissolute young man - had emerged by the middle of the C17th. Playford's THE ENGLISH DANCING MASTER (first publ 1651, but going through many reprints thereafter) has a tune "The Punke's Delight", which subsequently made its way into other popular songbooks, even inspiring some sets of divisions for viol. These were, of course, pressed into service in concert-programs with a great deal of mirth in the early 1980s (Philip Pickett even released a whole lp called "The Punke's Delight"), although the musical value of the tune is, err, slight ;)