pretty good use of imagery. reminded me of Gollum in the Hobit. i liked the Authurian allusion.
you might want to revise your chorus to use some imagery there; it would keep the mental picture flowing instead of breaking it up. like maybe:
So here I am again
Crawling back into hidin'
So here I am once more
Sittin' on that same old shore
or too, since you're calling it "Drowning on dreams", you might try to weave something about dreaming into the verses. ya know, be more explicit instead of making me assume from the title about what's going on in the song.
just some suggestions