What do I let ring, and for how long?
2nd time what?
Ritardando — gradually slow down.
Agreed - play the arpeggiated eighth notes but do not mute them, hold them.
Well then I guess this is where I give up trying to play this song fingerstyle
First you have an Am7 chord (A,C,E,G) and you’re playing AEG so they can all ring together as an arpeggiated chord.
Second you have a D/A (second inversion of D major) chord (D, F#, A) and you’re playing A, D, F#, D so they can all ring together.
Lol I’ve read Retardando.
The low A is the real important ringer-outer.
It’s nice if each new fingering can be held out too, but the A is the big one.