I couldn't quite tell you the meaning but I'll put down my interpretation. When it states "Not many run-ins with the blade" the "Blade" is symbolic for the sword which is the Bible, as the bible says to arm yourself with the bible as your sword and so on. And "A few of us disagree. Compliments of the Red Letter King" is talking about Jesus (because his speech is always in red on most Bibles). "Forgotten what Happiness feels like. I'm the Hypocrite you wrote about." is him speaking to God in reference to himself hanging out with ungodly people, acting like them, and not being a good witness to the Lord. All in all I think this song is first in first about him judging someone, and saying they are bad witnesses and not truly saved by Christ, but then realizing that they themselves are judging the person which is also a sin. "Judge not, lest ye be judged" So they are being a hypocrite in doing that.