Mel Carter's "Hold Me, Thrill Me, Kiss Me"

When I listened to Mel Carter's "Hold Me, Thrill Me, Kiss Me" a few months ago, I noticed that there's some use of the homophones "will be" and "we'll be."  It wasn't until recently (when I transcribed the song) that I really looked into them.

In the first verse, Harry Nobel - who wrote the song - establishes the repetition of some words at the end of each line:

Hold me, hold me
Never let me go until you’ve told me, told me
What I want to know and then just hold me, hold me
Make me tell you I’m in love with you

But in the second verse, he plays around with that repetition via the "will be" and "we'll be" homophone.  It could be either:

Thrill me, thrill me
Walk me down the lane where shadows will be, will be
Hiding lovers just the same as we’ll be, we’ll be
When you make me tell you I love you

Or:

Thrill me, thrill me
Walk me down the lane where shadows will be, we'll be
Hiding lovers just the same as we’ll be, we’ll be
When you make me tell you I love you

The first iteration is probably what's intended, although in making sense of that verse, I thought of the second version first.  The difference is in the first "will be" and "hiding."  They could be a future tense transitive verb or a future tense linking verb with an adjective.  It's either "Walk me down the lane where shadows will be hiding lovers" or "Walk me down the lane where shadows will be.  We'll be hiding lovers just the same as we'll be when you make me tell you I love you."

The more I think about this, the more I'm in favor of "shadows will be hiding lovers," but the other parsing could be argued for too.

It's interesting how Nobel (intentionally or not) varies the lines in that second parsing, inserting that line break between "we'll be" and "Hiding lovers."  After establishing repeating sounds in the first verse, changing the meaning while still retaining the same sound plays with the listener's expectations.  It creates a similar kind of thrill that the verse itself mentions.