(notes for the corresponding numbers in the English translation)
This note is also a part of the English translation from the source (http://bz.9fishdesign.com/lyricslist.htm)
1. "Ryuukoushoku" or "fashion color" most likely refers to the "intercolor," which is basically the color chosen by an organization called JAFCA (Japan Fashion Color Authority) to be "the" color for a given year. (JAFCA is part of a bigger organization called the International Commission for Fashion and Textile Colors. JAFCA’s website says that they "forecast" the fashion color, but this organization, in effect, chooses what color will be popular two years in advance.)
One interpretation of this line is that the protagonist was reading a magazine and came across an article about the prospective fashion color, but because he’s a man living on the edge, he does not want to simply follow a road paved for him by society.
In this interpretation, the whole first two stanzas are directed towards society and its trends; in his mind, he will not and cannot conform to the masses, because if he did, it would be like soaking in a lukewarm hot springs (see #4).
2. "Girigiri" means " just", "just barely", "at the limit", "to the limit", and as Inaba-san is combining this with the metaphor of the cliff, I translated it as "on the edge".
3. "Furafura" could refer to either the protagonist’s feet or his/her mental condition. In other words, the protagonist could be physically "tottering" "teetering" or "staggering" or mentally "feeling dizzy", in both cases "having trouble with maintaining his balance".
4. One interpretation of this line is that “lukewarm hot springs” is referring to this person’s current situation, that is, the protagonist is not satisfied with his/her current reality and so won’t allow themselves to simply soak and relax in a lukewarm hot springs.
You can imagine a person of action, always taking risks and living life on the edge, and a burned-out, balding businessman soaking in a lukewarm pool of his own filth, savoring the single moment of relaxation he has away from a work-centered life.
5. "Shimari" means "tension", partly meaning "anxiety" or "uneasiness", but more focused on the aspect of "being at attention" or having "composure". I took this one step further and translated it as "resolve" or "resolution".