Having recently revisited a lot of the OE poems, and have gone over them with a fine tooth comb and a swath of OE - MnE dictionaries, I've made a few enlightening discoveries.
One of them is that my initial take on the poem is right.
The key word in this poem here is ðamðe, which, being cognate with ære, (AKA modern "ere"), means "before" or "until".
It was hard to track down, being rare, but I found it here:
From this book/site:
http://www.gutenberg.org/files/31543/31543-h/files/dict_ac.html#word_aeqrLine by line, word by word, this poem says, literally:
Rad byþ on recyde rinca gehwylcumRiding (
Rad) is (
byþ -be-ith) in the hall (
recycde) for every (
gehwylcum) warrior(
rinca)
Here, rinca can sometimes mean simply "man", but the average Anglo Saxon man did not have access to a horse, that was for the nobles and warriors only.
sefte ond swiþhwæt,
comfortable/easy (I would assume sefte is the origin of "soft") and strong/heroic.
ðamðe sitteþ on ufan meare mægenheardum
UNTIL (
ðamðe ) he sits high upon (
on ufan) a horse (
meare) which is very powerful (
mægenheardum)
ofer milpaþas.
over (ofer) the high roads. (milpaþas).
To me, this rune is not so much about a journey, but brings home the point of, "it's easier said than done".
I think it also says, "put your money where your mouth is".
Perhaps there's even a warning here against bragging, or maybe a call to motivation. "Are you going to talk about it, or do it?"
For that reason, I wonder if maybe "undertaking" or even "attitude" wouldn't a better interpretation than "journey".