I'm confused by whom the pronouns, "you" and "I", refer to in the poem.
I don't think she is confronting a lover, but rather tensions within herself. The cowardice refers to her inability to find peace with herself. There is also a spirit talking to her who seemingly keeps pointing her in conflicting directions of accepting first the eagle and then the serpent. If she succeeds then she and that spirit (who is neither the serpent nor the eagle) become united.
For example, these lines make me think of a kundalini enlightenment process, but I don't know if she was intending such a meaning.
We're going to come up to the eyes of clarity
And we'll go down to the beads of guile
There is danger and education
In living out such a reckless life style
The kundalini serpent (or train) rises from the base of the spine which represents security and sexual desire and moves up through the chakras above the head. Clarity is reached at the top (in the airplane or eagle). In the tantric process, the kundalini must go back down as well bringing the new-found clarity back to the earth. This up and down process is both dangerous and enlightening. One could call it reckless. It is not for cowards. The spirit is telling her to stop being a coward and make the journey.
That's how I read the lyrics. Of course, I could be full of it.