Ahhhh
Something I can help with in this section !!!
I learned to do this is several sections.
Firstly is the physical technique of the left hand. I use three fingers, twice. I use fingers 1,2 and 3 on the first 3 notes of each arpeggio, and 1,2 and 4 on the second 3 notes. I keep that fingering pattern when I come back down the arpeggio again.
My advice is to practice that technique for a while, hammering any old notes, just making sure you're hitting one note per string and that your about the right place on to start from on the bass string (the b at the 7th fret) Don't bother with the right hand damping for now, tie an handkerchief loosely around the 1st fret area to mute the strings.
When you're comfortable with the technique, memorise the notes in question and take it slowly till your muscle memory builds up, practice with a metronome. When you're up to speed take the cloth off the guitar and then mute the strings with the right hand.reaching OVER the top of the neck. You'll probably have seen Joe do this live, if not there are pictures on the inside of the Time-Machine CD liner notes or watch the Live in SanFran show.
Personally I mute quite close to the fretting hand, I feel I have more control and less noise.
When you can do the technique ok, start putting it into the song.
Beware that live Joe tries to switch pickups TWICE in between the two sets of arpeggios, to play the E power chord on the
bridge pickup, but both sets of arpeggios on the
neck pickup.
When in 1990 he was on the Blue Dream tour, he started LAUGHING as he did this. I later read that it's cos he wished at the time he'd never written the song!!!
