(Sorry about that blank post, dropped the keyboard and it hit enter.
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I like your interpretation...it gives Terminal Frost, which was mysterious before I even thought to find a theme in it (dunno if that makes sense, but it has a cold, eerie "feel" to me), significance first of all. Second, it makes me wonder about the album as a whole...I never really thought of Momentary Lapse of Reason as a theme album, but it actually makes sense (like Learning To Fly is trying to let go of the world for if only a moment and just soar above the clouds).
What I'm curious is the significance of that "one" pattern, though...it's in the refrain of two songs and more minor parts in two others, so I don't think it was just done on accident (no matter what one could say about Dave's songwriting). It's likely to reinforce something, but I'm not sure what those songs really have in common.