• dīkṣāyām — at the initiation
  From √dīkṣ (to consecrate). Vaiṣṇavas read dīkṣā as the seed-rite of bhajana; here Vasudeva's yajña-dīkṣā is the Vedic precursor to the same notion. Gauḍīyas distinguish karma-dīkṣā from bhakti-dīkṣā but treat both as serious sacraments.
• puṣkara-srajaḥ — wearing lotus garlands
  puṣkara (lotus) + sraj (garland). The lotus is Viṣṇu's emblem. Gauḍīyas note that lotus-garlands at a yajña are not aesthetic flourish; they are the silent declaration that the yajña is for Viṣṇu.
• mahiṣyaḥ — queens
  From mahiṣī (chief queen). The verse lists queens with their gifts — registering that yajña, properly done, is performed by householders as a couple-act. Gauḍīyas read patnī-saṁyāja (verse 53) as the codification of this.
• vastu-pāṇayaḥ — with auspicious items in hand
  vastu (substance, auspicious item) + pāṇi (hand). The hands of the household are full of pūjā-materials. Gauḍīyas treat the hand-fullness of a Vaiṣṇava household as a small marker — what is in the hand reveals what is in the heart.

• What sacred undertaking of mine could become a community celebration?
• Where am I doing privately what would be richer if shared?

The dīkṣā-pavilion fills like a festival mandapa on Janmāṣṭamī — the Vṛṣṇis bathed and garlanded, the visiting kings ornamented, their queens joyful and carrying the small auspicious materials of pūjā. Vasudeva's initiation is the household's ceremony, not the priest's; the whole family flowers around it.