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WEBMISTRESS speculates:
I believe this song is about ending the insanity - in Lindsey's case, by leaving FM, to regain not only his "sanity" but his "honesty", perhaps to himself. His life up until then has been like little dramatic episodes, but "neurotic" episodes as well, and mixed in with all that, "still we have our fun." But now "this is the time" for starting over, for getting a "new sign" and a "new line." He feels this is the way to heal the "revenge and fear" (see Surrender the Rain) and get his head "off the block" - take himself out of the destructive cycle.
"There is no curfew" could mean that there's no restrictions on him, or that no one else is going to tell him when to come home so he has to decide for himself. I don't really know what town he's referring to, or even if it's figurative or literal. If it's literal, it's probably L.A. If it's figurative, it's probably his location as part of FM and its coldness and hardness, like a rock, in a rock band! While all the passion and high emotions are "hypnotic" and especially "erotic", it gets to be too much. It affects how he "gets things done" so he needs to get away from it - and "this is the time."