I figured the only reason Joni chose "Channel Five" was because it rhymed with the previous line: "given some wisdom and a lot of jive." In fact, a lot of Joni's word choices are based on rhythm, cadence, and rhyme. Perhaps we could start a thread on some of Joni's lyrics that don't really mean anything but were chosen to fit a rhyme scheme. How about 'pachyderm' and 'germs'?
My hunch about 'ghost of my old ideals' was that it was the Celebration at Big Sur film, especially the scene where she's talking about the whale that was beached up the day before. Trippy!