Thanks to Dave Gardner for the clarification. I listened to Blake's recording on Spotify, and confirmed his corrections, and add a bit more:

To summarize, here's how I hear it:

Verse 1 line 4: To worship the thing we are told.
Verse 1 line 7: For they had connection with heaven,
Chorus line 5: He sits at the right hand of the Father,
Chorus line 6: On a mediatorial throne.*
Verse 2 line 1: When Elijah went up on Mount Carmel,
Verse 2 line 3: The D. D. professors and fakers
Verse 2 line 6: Is it God or Baal that we'll own?

* It's possible that Blake mispronounces this, but I'm convinced the intended meaning is "mediatorial throne," which seems to be a common term in theological writings. Google Book Search finds 282 books that mention it:

https://www.google.com/search?tbm=bks&hl=en&q="mediatorial+throne"

The Nebuchadnezzar story is from Daniel 3

The Elijah story is from 1 Kings 18 : 20-40