Please keep in mind that Jesus is not here advocating for the idea that Man can, by good works, *earn* Eternal Life. Rather, he is saying that to receive the gift of Eternal Life from God one must enter into covenant realtionship with God, do what He requires, and then rely on Him for mercy and pardon.
That is certainly true. The Rich Young Ruler was living in covenant relationship with God, doing His will, and yet rejecting the need to have his flaws covered by the Cross. In rejecting following Jesus he was rejecting the need to give up what Jesus himself required him to give up.
And not relying on Jesus he was unable to benefit from Jesus' flawless record and willingness to forgive. The ruler, in effect, was reserving to himself the right to disobey the word of God to his conscience. And this was not true surrender, even if a lot was devoted to God, as well.
No, it doesn't mean that at all! Jesus was saying, quite frankly, that even with all of the good things the Ruler was doing it was completely unable to pass the threshold of Salvation. That is good, but it isn't remotely close to "perfect!"
The thing Jesus asked of the Young Ruler was critical, and not just "one little thing!" It is the difference between doing good things for your own reputation or doing things for Christ's reputation. We all want good deeds to be done in our society, but we don't just want them done for the political ambitions of those who want power and prestige.
Well, you're right that this story does not condemn keeping the commandments of the Law. I would never say so myself. It is obeying God's covenant to the exclusion of the spirituality that Christ brings that is critically important. Otherwise, all of this "covenant keeping" is so much reputational and self-serving. It elevates Man's record, which is flawed, instead of God's mercy, which brings us back to true righteousness.
Paul is concerned with the moral standards that had existed under the Law of Moses--those things didn't change with the coming of the New Covenant. But neither is the New Covenant endorsing keeping under the Old Covenant! Commandment keeping is as vital today as it was when the Young Ruler kept the commandments of the Law and was complimented by Jesus for it.
What is inadequate today is keeping the commandments of the Law of Moses to the exlusion of Christ himself. And when we sign off as living under the Law of Moses, we are making a choice for the Law and against Christ. The Law was designed to lead to Christ's mercy, instead of perpetuating a good record without pardon.
And many times prior I've argued that the New Covenant is not lawless. It does not lack commandments. It does not excuse lawless living or defer, passively, to Christ as if we have no will or choice to make in terms of living by God's rules. I know some Protestants use language that seems to suggest this!
However, when we choose to live lawfully under the New Covenant it is with the express determination to rely on Christ for our righteousness, instead of relying on a system that was inadequate, temporary, and looking forward to Christ. To just do good, without relying on Christ is inadequate. To rely on ceremonial or moral law bound strictly to a preChristian Law is to reject the idea Christ has already come and provided his own moral and covenant system. It is also a legal system, although it also relies on the need for Christ's pardon.
In fact, it is more than just covenant relationship with God and doing good for Him, expecting a temporary pardon. The New Covenant, by contrast, is actually living in covenant relationship with Christ and doing his will so that the pardon is eternal and not just temporary.
Yes, I memorized this back in perhaps 1972--in fact the entire book of 1 John. I'm well aware of this. And as I said I agree with you that the New Covenant is not lawless, and does not lack commandments. But it is a system quite distinct from the Law of Moses, which did not depend on Christ's mercy. It was merciful yes, but needed Christ to live out God's perfect righteousness in order to truly forgive what Man has done wrong.