Second Edit: To Emerging Poets

[nozaki]

To Emerging Poets

This is your place: blackout drunk,
mouth dry with metaphors,--I liked it better when it was singular (metaphor). To me, it balances better with mouth. 
eyes bloodshot and sensitive to streetlights--sensitive to streetlights is cool but kind of awkward in that why specifically streetlights? perhaps [rear against the streetlights]? 
that flicker like self-alleged genius.--don't think self-alleged does much for genius. 

This is your place: hidden beneath words,
quiet as flowers by a gravestone.
A piece of you left on a page,
some small part of imagined grandeur.--like self-alleged, I don't really like imagined. It works, though. Overall this fragment is almost interesting in a sort of bland way... 

This is your place: far from the head table,
speeches describing their contributions,--disclaimer for grammar nazi, but their has no antecedent and is confused. 
wine sweeter than anesthetic, applause louder
than dead poets, who rot like everyone else.--isn't everything louder than dead poets? I don't think you need to say poets to make your point, maybe [the dead ones]? Otherwise I rather like knot's suggestion of finding a way to end on applause. 

all in all, i think you have made an improvement upon your original. i like the cuts that you've made to the images in this poem. i think a bit of refinement (you did change quite a lot) and some other crits will help greatly.