Is it about Dylan again? Dylan doesn't really wear a trilby mind...
I actually thought it might've been about Dylan, just for the "I'm 42 years old" lyric. Dylan was 42 when Infidels was released.
As much as "Lights Of Taormina" and "Silver Eagle" can be about Dylan, so can this song be, in some way.
And the mention of folk rock in the lyric and similar stuff, make me believe that more and more.