JD, I can't tell you how I think you should do better but I shall offer one or two observations and suggestions, but it would be my point of view only.
I love the bit where it starts:
I imagined you and I were made of
The finest kind of steel that never bends
Somehow in a heated moment
You break down
Instead of "You break down", if it were me, I would consider "you melted" or something to keep within the burning theme. I can see that it's similar to the last line of the 1st verse so you may not want to change it.
I think it's been mentioned before about the changes in tense. I would keep it consistent, but again that's just me.
I like MP's new bit about doing everything that was required.
It's good story telling with a hint of listener/reader interpretation. This might be an obvious thing to point out but I interpret walking the highwire as full on flirting/teetering on the edge of having an affair. It's good, it's not being spelled out exactly for the listener/reader.
As for abstract... Put it this way, if I was offered one of two pieces of art. One by John Constable and the other by Kandinsky, I would choose the Constable. I simply like to be told what's going on, or a least get the gist of it.