Hello Bill. You will get a bunch of different answers here too. One thing that I am sure we all agree on is that it has absolutely nothing to do with the Jehovah's Witness.
Seriously, here is my take on it. I see no reason to take the passage in any way but literal: The twelve thousand from each tribe of Israel is 12,000 from each tribe of Israel. They are set apart by God Himself for a purpose, apparently to proclaim the Gospel during the tribulation period.
One of the big toublesome points among those of the various views on eschatology is about the literal Jews, literal Israel; those descended from Jacob (Israel).
Many look at passages like "For they are not all Israel, which are Israel." (Romans 9:6b) (Also 9:7&8) Some look at passages such a these and ignor, deny or term as allegory passages which clearly shows that "God hath not cast away His people..."(Romans 11:2) "Boast not against the branches. But if thou boast, thou bearest not the root, but the root thee." Romans 11 goes on to say that the Jews are natural branches and we are grafted in against nature and that the blindness of Israel is only until the fulness of the gentiles be come in. Daniel 9:24 states that "Seventy weeks are determined upon thy people..." Daniel lived hundreds of years before the start of the church age and, therefore, has nothing to do with the Church.
Literal Israel still has a part in God's plan for the future. You can take your passage quite literally.