Oh, High on a Rocky Ledge. I listened to it obsessively for months after I first heard it in 1.1. I totally fell in love with that song, which introduced me to Moondog. He was a fantastic character. Used to hang around a spot in New York with a Viking hat on and busk. He was really well known. At one point he was down on his luck and Philip Glass took him in to live with him, saying afterwards that he learned more about music and composition from that year living with Moondog than he did in 4 years at Julliard. Moondog was an inventor too - creating his own instruments. He's worth looking up.
But I digress. High on a Rocky Ledge is such a perfect fit for the show and episode 1 as it describes the whole essence of the show, and Stede's jouney in particular. The lyrics tell of someone climbing a mountain to be with their love. It's a hard journey and they need to take a risk, a leap of faith, so they can achieve their goal and be joined with their love again. In taking that leap, they first need to embrace death so they can change - be reborn. Only after this can they be reunited. You've said a lot of it already, @lizziesaurusx , but I think it's worth putting together with the lyrics.
High on a rocky ledge lives a Mädel, Edelweiß
Shy as a shadow, lovely as lace, and cold as ice
High on a rocky ledge, I pledge my love to her
Ev'ry time I climb up to Paradise
This is the opening. Their goal, their love, seems almost out of reach - inaccessible. It's going to be a tough journey. In the show this is Stede, standing alone on his ship, contemplating the massive change he has made, how scared he is, knowing how difficult his new life is going to be and he has a mountain to climb to try and reach a bit of happiness. How far away that happiness currently seems.
How many times I've been up to see her, goodness knows
Huffing and puffing, dressed in the warmest climbing clothes
How many chances would be taken in my
Hopeless pursuit of the Schnee-Mädel-Edelweiß
It's going to need a big effort. They may be lots of missteps. You need to be resolute and tireless in order to succeed. Again this ties in beautifully with Stede's journey. It will be a difficult road.
Then spoke a spirit, "If you would win your Lady Love
There's only one way: fall to your death from high above
You will begin to grow in snow beside the one
You have waited for to be mated with"
This is the leap of faith they have to take. They have to die so they can be reborn. Only then can they get what they want. I mean, this is what happens. As @lizziesaurusx said, Stede 'dies' in 1.10, he kills off his former persona, renouncing his former life so he is free to pursue Ed, and happiness. (In a similar way, to Ed renouncing his Blackbeard persona). They need to take that risk, to die, in order that they can be reunited with their 'mate', their love and achieve their dreams.
Now, I'm an Edel, vice to my Mädel, Edelweiß
Dying to be with her wasn't any sacrifice
We're so deliriously happy on our ledge
Where I pledge my love to my Lady Fair
Now they are together again. They have willingly given their lives for each other and have been reborn together; reunited. This is where Ed and Stede have got to by the end of the show.
You who are climbing breathless to see me and my love
Snow flowers growing fonder on Lover's Ledge above
If you've the yen to pluck, then pluck us both
For we who have lived as one wish to die as one
Death isn't scary anymore. They have already given up everying to be together, and they are flourishing. But if there are problems, they will happily do it all again - will die again - so that they can stay and be reborn again, together.
I just love this song so much.