Decent, things to improve on -
There are good and bad things about this song, I'm going to give a very critical review, so please take it in stride to becoming a better musician. As you said, all reviews appreciated.
First the good, the structure of the song works, verse/chorus wise. You also have an interesting voice, though it needs to open up a little. The lead guitar actually works very well and really helps paint the picture for a nice sounding love song. It sounds good.
As for what needs work, you need to open up your voice, it's not a bad voice and your not particularly out of tune, but it's very nasally at times, like your singing from your throat. At the moment it would work punk rock wise, but that's about it. With proper practice, you could sound great, I can hear it.
There's obviously some time issues which you mentioned, some wrong notes, and the backing guitar is out of tune a little. But you mentioned these issues so I will ignore them.
As far as lyrics go, their not particularly inspiring or clever, to me at least. It's a love song about a girls lips, hair, and not to be scared, you'll love each other forever. Their not BAD lyrics, but they don't exactly paint a interesting picture or are original to any other love song.
Also, this is under grunge, but this is more of an Acoustic/Rock Love Ballad.
Anyways, hope this gives a good idea, and I"m being really critical, keep up the good work! I rated 4/5 and 8/10.