Green’s Dictionary of Slang

tilly-vally n.

also tilley-valley, tillie vallie, tully-vally
[ety. unknown]

piffle, rubbish, nonsense.

[UK]Skelton Mannerly Margery Mylk and Ale line 5: Tully, valy, strawe, let be I say!
[UK] in T. More Utopia Intro. (1808) xv: She [his mother] used to say afterwards ‘Tillie vallie, tillie vallie what will you do, Mr. More? – will you sit and make goslings in the ashes? it is better to rule than be ruled.’.
[UK]Shakespeare Henry IV Pt 1 II iv: Tilly-fally, Sir John, never tell me: your ancient swaggerer comes not in my doors.
[UK]Shakespeare Twelfth Night II iii: Am not I consanguinious? Am I not of her blood? Tilly vally, lady!
[UK]Greene & Lodge Lady Alimony IV iii: medlar: Medea shall be mine – This madam Tinder to your Tilly Vally. tinder: First to your own Morisco: – So this Health’s gone round.
[Scot]W. Scott Antiquary in Waverley (1855) II 37: Tilley-valley, Mr Lovel [...] a truce with your politeness.