Would it be okay to use two identical pronouns in a single sentence? I was curious because these "it"s represent the same object!

Is there any difference between "one another" and "each other"?

Yes, there is a difference! "One another" is much more formal than "each other" and is used less frequently. Ex: Do you promise to love one another? => at a wedding ceremony Ex: They really like each other!

Does "lords" mean "my master"?

Yes, you are correct! In this case, "lords" refers to the masters or "bosses" in charge of the goons.

What does it mean to "clear up something"?

To "clear something up" normally means to figure out, solve, or find an explanation for something by getting more details or information about it. In this case, it also means to make something more clear or more understandable. Ex: They cleared up the murder case. Ex: Let me clear this up, I never left the house yesterday so I can't be a suspect.

What does the word "see" mean in this sentence?

The word "see" in this sentence means to discern, find out, or determine. They were going to check if they could find the fountain. Ex: That was a hard move to do, Peter! I'd like to see if you can do it, Brittney. Ex: Let's see if it's going to be sunny today before we go on our picnic. Ex: I'm going to see if they have any oranges at the grocery store!

Why is the verb "be" used after "I" here?

Since this is a song, grammar rules don't apply. She is probably using "be" after "I" to make the song sound a certain way or make the lyrics flow better with the music's beat. It's all up to the artist. Many will mispronounce words or use incorrect grammar to make the song sound the way it does.