Sorry my english not good
1. 水 に も in this context can be understood as
The streams (not just simply water)
2 .「黄泉の民」と呼ぶその掟を
守る 生命の番人
is a complete sentence, it's mean
The guardian of life, guardian of rule, called the "people of Yomi
(Yomi is mean underworld., afterlife)
3. 海にも 土にも
虫にも 鳥にも
in this context can be understood as
Even ocean, Even earth and sky
Even insects, even bird of the sky
4. 産まれ落ち今世に戯れて it's mean
Born and do naughty things in this world
5.多元に色を染め上げてく
We are dye gradually with different colors
6. もういいかい
まだだよ
鬼さんこちら
Is it enough ?
Not yet
In this direction, Mr Demon
7. 春夏 行きずり
秋冬 こぞりて
Spring and Summer passing each other
Fall and Winter did not wait for anyone (mercilessly)
8. 歴史は 変幻 黄泉の彼方
The history reforms, beyond the realm of Yomi ( have " , " in between 2 sentences )
9. 雌雄の愛は進化に捧ぐ
Evolution begin with the love of man and woman
10. もういいかい
もういいよ
鬼さんこちら
Is it enough ?
Enough already
In this direction, Mr Demon
There will be more...
According to the lyricist, this song is based on Izanagi and Izanami creating Japan from the beginning, which makes the statement "They had no name". And also means the peace of the world.
-"Yomi": realm of dead
-"And becomes the tribute to death of "IZANA"": the first IZANA refers to Izanami, who is dead.
-"Is engraved in the heart of "IZANA"": the second IZANA refers to Izanagi.
-"泡沫の恋": utakata's literal meaning is bubbles, but is usually used to refer fragile and ephemeral things.
-"Tamayura ni": The moment of sounds made from collided "Magatama" stones. Usually used to mean a little moment.
-"もういいかい、まだだよ、鬼さんこちら": is a phrase used in Japanese tag game with blindfold. "Oni-san kochira" is said by a person who is calling It. These phrases are used because Izanagi and Izanami playing with each other in this lyrics.
This translation may contains mistakes, so reporting corrections is appreciated.