Lyric discussion by Fypast 

Cover art for Blue Comb '78 lyrics by Five Iron Frenzy

Yes. It's about the divorce... but more importantly, the loss of his childhood and innocence that resulted because of the divorce. That is what the comb represents, his childhood, given to him by his mom and dad, only to be lost. The song has the cute ways of childhood (the dental floss lines)... the life which he can never go back to.