1. "My life, my love, I give to Thee, Thou Lamb of God who died for me; O may I ever faithful be, My Savior and my God!
  2. "I now believe Thou dost receive, For Thou hast died that I might live; And now henceforth I'll trust in Thee, My Savior and my God!
  3. "O Thou who died on Calvary, To save my soul and make me free; I'll consecrate my life to Thee, My Savior and my God!
Chorus-- "I'll live for Him who died for me, How happy then my life shall be! I'll live for Him who died for me, My Savior and my God!"

(Words by Ralph E. Hudson; Music by C. R. Dunbar)
As we begin again with our Prime Directive "checkoff list", we can see that this is a psalm of praise extolling Jesus' name and the work He did (particularly on the cross), even teaching about that work.  And it is a spiritual song intended to inspire feelings of spiritual devotion and to bring the spirit of man under control of the Spirit of God.  
Ralph Hudson (1843-1901) served in the Union Army during the American Civil War as a male nurse in a Union hospital.  After his discharge from military service he taught music at the Mount Union College in Alliance, Ohio, becoming a professor there, even establishing his own music publishing company.  He was a strong prohibitionist and published The Temperance Songster in 1886.
This song seems to be more of a confession of faith as well as a promise of devotion to consecrate one's life to the Lamb of God.  And although it is not filled entirely with Biblical references, many of them repeated, there are some items in this song that are noteworthy.
It begins with the promise of devotion, "My life, my love, I give to Thee, Thou Lamb of God who died for me; O may I ever faithful be, My Savior and my God!"  Jesus certainly is the Lamb of God (John 1:29) Who died for all people (2 Corinthians 5:15).  Much of this is repeated in the second verse: "I now believe Thou dost receive, For Thou hast died that I might live; And now henceforth I'll trust in Thee, My Savior and my God!"  Would that we could all be faithful and trusting to such a One Who gave so much for us!
The third verse says, "O Thou who died on Calvary, To save my soul and make me free; I'll consecrate my life to Thee, My Savior and my God!"  Although the writer is correct that Christ's death on Calvary saves our souls and frees us from sin, we are made slaves to God as Paul tells us in Romans 6:22.  But the rewards of such service to such a Master pales in comparison when you consider that the fruit we get "leads to sanctification and its end, eternal life."  By consecrating our lives to Him, we see what Paul again tells us, this time in Titus 2:11-12, that "the grace of God has appeared, bringing salvation for all people, training us to renounce ungodliness and worldly passions, and to live self-controlled, upright, and godly lives in the present age."
As the chorus says, "I'll live for Him who died for me, How happy then my life shall be! I'll live for Him who died for me, My Savior and my God!"  Again, would that we could all live for Him as we should.  As Paul again tells us in Romans 14:8, "[I]f we live, we live to the Lord, and if we die, we die to the Lord. So then, whether we live or whether we die, we are the Lord’s."
Again, I welcome your thoughts…