I swear I've got three lives
Balanced on my head like steak knives
Balancing steak knives on your head is very challenging, Frank’s having a hard time balancing all of these lives. Frank is referencing the fact that he is one of three sexualities and is not sure yet. He is either bisexual, straight or gay, which each lead to a different life.
In the end, whichever one he picks will make people angry/happy. The slightest phrase/movement can kill his career in the eyes of certain fans, just like the slightest movement can push over the steak knife and make it cut through his head.
Frank might also be referrign to his three fold life: sexuality, celebrity, and private life. When this song was recorded he still had not written his famous blog post, hence his disguise that he mentions in the next line.
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