“This is the distinction I am trying to explore. […] In a state where waking and dreaming align, do we experience the world "out there" differently? Or are we in a different world?”

The interface is the same. It is possible to distinguish between sensory and thought inputs, though. The realms may appear as separate worlds because (as below so above, here too) we move in jumps. But the realms “bleed” into each other, if nothing else. In essence, we are literally flying like men, while what we call our physical bodies lie there in the brush, because we live in a world where flying (like men) is what men do.

“Say our senses are the measuring devices and consciousness is the one who reads the results.”

Exactly this. But neither your senses nor your consciousness or awareness, etc. can collapse the wave at the slit. You collapse wave(s) that translate to the perception of the whole experiment.

“Is our ordinary experience of the world a solid "thing" to be experienced?”

If you talk about constraints, I say yes; if you talk about substances, there seems to be none at the very base of “everything”. Quite a plot-twist, if you ask me. So --

“[...] is it all experience, and therefore malleable to the measurements of consciousness?”

-- yes, it is definitely all experience. Now, while I would not phrase that ensuing conclusion in the way you did, experiences are, indeed, malleable. To a (rather astonishing) extent. And only from a perspective of an experiencing (living!) being. The actual cognition, while responsible for 100% of experience, does not meddle with the "setup" in any way.