I love this song. You made me pull out my Wallflowers CD that I have not heard for quite some time.
I always thought of the three Marlenas to be about a girl named Marlena, who is imagining herself as three different people. Each verse she is dreaming/thinking about herself in a different situation in life. The three Marlenas are the three different people she is imagining herself to be.
The meaning was for Jakob Dylan to use his dad’s name and clout to score a record deal on a major label and to cater to the lowest common denomination of middle of the road pop crap… I say he knocked it out of the park!