The movie of the sound track... If there is Something

Walsh says "The Roxy Music track in particular has been my favourite track throughout my whole life, so when I was writing the script it was, in a way, integral to the script"... in fact you can find the whole film looking at the lyrics. If you want to deconstruct the film, then the film script can be seen as a vehicle to illustrate the "Shake your hair girl with your ponytail,
Takes me right back (when you were young)" line.

He also says "Anthony made some costumes and made Harry [Eden]‘s jacket and a few little bits and pieces. They were very generous with their time and they’d given me the music. I’ve known them both [Bryan Ferry and Anthomny Price] a very long time, so I was very happy" . Price did the costumes, hair, and make-up for the original album cover with Kari-Ann Muller. In the dance scene, Ruth is dressed and has made-up herself and Joe to match the cover pic. The jacket is the same as the one Ferry wears (although perhaps with extra shoulder pads).

And there are bits and pieces from the lyrics to be found all over the film.

I imagine Walsh saying to Ferry and Price "I want to a full lenght film of the track If there is Something... with Daniel Craig as a jaded star looking back on his youth"

This interview explains much
http://www.indielondon.co.uk/Film-Review/flashbacks-of-a-fool-baillie-walsh-interview