I'm sure everyone who has read Waking Dreams has connected it to CHIM due to the blatant reference of the Godhead. I think it goes deeper than that though.

It speaks of bleached eyes. What kind of person has bleached eyes? A blind man. Who has events revealed to it? The Observer, who later goes blind.

But apparently that isn't the end. The blinded Observer is overwhelmed by a question. Not just any question, but the question, the True Enquiry. I'm sure someone more skilled than I will be able to figure out what that question is, but I'm betting on it being related to CHIM due to the next phrase.

"The rest is vulgar fiction" implies to me that this True Enquiry is so important that all other questions are meaningless next to it. They're all attempts to tell the Godhead what to do, but the Godhead doesn't care.

So the Observer is able to see the True Enquiry because of his blindness. Blindness blocks out the rest of the world, which is a pointless distraction from the True Enquiry. The True Enquiry is a question so important that it is the only thing the Observer focuses on.

Am I making sense, or am I completely wrong on all accounts? I'm hoping a lore veteran will be able to help me out here.