I think this is more about choice and regret about missed opportunities.
'My shoes are too tight' For me this is more about the limitations someone has placed on themselves and there actions, being there shoes 'MY' and not shoes from someone else. Shoes are a more personal unique to self when worn and not generally casually shared around unless for a predetermined role filled by various individuals, and shoes can be changed for specific changes like going bowling, glass slipper, dancing shoes, heavy work shoes etc, etc. There is not one type of shoe they can be varied and changeable to be more/less suitable to the context. By wearing tight shoes you are not doing other things but a rigid inflexible set of actions that although painful 'Tight shoes' those are the shoes you have chosen to wear.
'Forgotten how to dance.' Is having given up on joy and trying to be happy, that although painful, continuing to wear the tight shoes and not seek to change them for something allowing you to dance. Dance being a freedom of action and self expression, most people have there own style of dance, for a more happy outcome.
Also the context this is presented in is one of sadness and regret. The father crying and Londo sounding wistful and lamenting on the loss of what would have made them happy. Londo being personally reflective as he relays the story and he has gone the same circle as his father.