#1: "You don't need a lot of money Honey you don't have to play no games All I need is all your loving To get the blood rushing through my veins." She finds him exciting just as he is. He does not need to do anything to attract her.

For #2: in the 1950s, the phrase "going steady" was common. Now, it is rarely heard. A couple that is "going steady" goes out on dates with each other, and with nobody else. It could be an early stage in a "serious" relationship leading to an engagement and to marriage. She would like a relationship like a couple "going steady" in the 1950s. She probably thinks everything was different and better in the 1950s. (They weren't!)