There are other things in the poem and you need "imagination" to enjoy it. (Ha, you said it yourself). But in your version, the spirit of poem is completely missing. I know I am not a poet, but I simply don't feel the wonderful beauty in the Chinese version in this translation. It is lost.
Let's drink good wine till the point of being tipsy. (You translate what to do, but losing the reason. Yeah, and then what?)
As to watch flowers till they are half bloomy. (same thing, yeah, and then what?)
Just a thought. (I guess I start annoying people by saying this. )