I don't know if the early parts of You May Be The One are about the time during The Dance or about the making of the SYW album.. the bit about "you may cry the tears/but the tears aren't really for me" could be one of their let's-get-honest convos during the Dance time or that section in the DR doc where they are alone in the studio and he gets teary talking to her about how much making the album means to him and how he sees it as a chance to make up for things in the past etc..
"the kiss/right out there in the universe" seems to be about the onstage kiss. Or the RS interview kiss... both during The Dance time. "you may take my hand/you who demand so much" makes me think of them holding hands as they walk out onstage on the DR tour (which was clearly shown in the DR doc ... maybe they held hands walking out onstage during The Dance tour)
The ending bit about "I hear the islands calling/I hear angry words/Flying across the ocean/like some seabirds, never stopping" is about after they finished SYW and she went off to Hawaii as did Mick, and LB was still in LA finishing mixing etc and there were fights about the running order and final number of songs.
This is one of the songs she has said is all about him and he knows it's about him. Just like Thrown Down. I have never heard her say that FFG was about him or that he knows this (though the lyrics could well be).
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