Nope. You're on the right track, though. One of the lines has a literal meaning, as well as metaphorical one.
You're correct, the first two stanzas are about Feanor and Fingolfin, but the third one - which contains the speaker - is not.
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Tuor: Yeah, it was me who broke [Morleg's] arm. With a wrench. Specifically, this wrench.
I am suffering from Maeglinomaniacal Maeglinophilia.
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