Doubt

1. I just wanted to point out how cool the original Japanese line is here. 'ギトギト油ギッシュ', 'gitogito aburagisch'. 'Gitogito' = sticky, oily, grimy. 'Aburagisch' is boy speech actually, an amalgam of the word for oil, 'abura', and ~isch, an ending used in German adjectives. And while 'aburagisch' literally means fat or chubby, I find pretty clever the fact that it's been paired up with 'gitogito', a word that would be used to qualify something oily.
2. 井の中の蛙, 'i no naka no kawazu', is the saying embedded in this line. It can be taken as big fish in a small pond but another meaning lurks behind~ And that is, a person who is ignorant or inexperienced in the ways of the world. So to show the frogs one's accumulated in a pond could be taken as admitting to one's ignorance.
There's more to this play on words though! 'Kawazu' actually means frog, as well as 'kaeru' which hide uses two lines down. So yes, it is the Noh-chanting frogs who are in that pond. Or maybe is it Noh-chanting ignorants? You decide.
On top of that, there is also the saying "i no naka no kawazu, taikai wo shirazu". Literally, a frog inside a well knows nothing of the ocean. It refers to people who, knowing absolutely nothing of the wide world, are proud of their limited, narrow views.
3. The reason you see the word 'transience' in brackets is because while hide sings 'elegance', in the lyric booklet he has added 'transience' to the line, right after 'elegance'. It's a pretty effective way of giving the sentence double meaning.
4. A henoheno moheji is a cartoon/caricature face drawn using hiragana characters. You can see an example here, on wikipedia: http://en.wikipedia.org/wiki/Henohenomoheji