I think it should be "is it honest like a falling log to dream of things like..."
...and also wouldn't it make more sense if the part in the second verse was: you say "is this joke i float" "come on now"
So the person who lost his/her grip ask herself if it's a joke or if he/she floats past the cliff's edge and then the narrator (or whoever) answers "come on now, you see there's something down below..."
I think it should be "is it honest like a falling log to dream of things like..."
...and also wouldn't it make more sense if the part in the second verse was: you say "is this joke i float" "come on now"
So the person who lost his/her grip ask herself if it's a joke or if he/she floats past the cliff's edge and then the narrator (or whoever) answers "come on now, you see there's something down below..."