In line 2, I hear 'my path' not 'my pal'.

Chris Smith's note for this piece in the Document CD reissue may be of interest to you:

'Doubtless inspired by Hoagy Carmichael's "Up a lazy river", it seems, like "Honey babe let the deal go down", to respond to a request for a song that the Sheiks didn't know. They weren't about to let a minor obstacle like that get in the way, and this charming 32-bar pop song was the result'.

--Stewie.