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Davies renders arambha as "enterprise." The learned, i.e., they that are themselves acquainted with is Kshetra and what not. As explained by Krishna himself below, Kshetra is Matter, and Kshetrajna is Soul. Dukha-dosha is explained by both Sankara and Sreedhara as a Dwanda compound. Vivikta is explained by the commentators as Suddha or Chittaprasadakara.
Then the Nâga-râgas filled with joy, earnestly desiring to show their reverence for the most excellent law, as they had paid honor to the former Buddhas, now went to meet Bodhisattva; they scattered before him Mandâra flowers, rejoicing with heartfelt joy to pay such religious homage; and so, again, Tathâgata having appeared in the world, the Suddha angels rejoiced with gladness; with no selfish or partial joy, but for the sake of religion they rejoiced, because creation, engulfed in the ocean of pain, was now to obtain perfect release.