I think he's singing of the life/woman of his dreams in an ideal sense. He doesn't want to settle for mediocrity but he also realizes his expectations aren't reality and could never happen how he imagines it. In his own hypcocrisy he cannot reconcile the two.
I don't understand the 'needle' aspect though, which would seem to be large part of the interpretation.
I think he's singing of the life/woman of his dreams in an ideal sense. He doesn't want to settle for mediocrity but he also realizes his expectations aren't reality and could never happen how he imagines it. In his own hypcocrisy he cannot reconcile the two.
I don't understand the 'needle' aspect though, which would seem to be large part of the interpretation.