The one thing you cannot do is make a movie about something and turn it into a joke. The punk scene in New York City has garnered a lot of critical acclaim and attention, but, really. Compared to London and Los Angeles, how can you really call it punk? It may have been the starting place, but no one finished there.
As far as the subject matter goes, James Wolcott has an account of this era that works a lot better. No one could possibly afford to move to New York City and write for a living in this modern era; you would have to be a banker to even try something like that. And you certainly couldn't be a musician, either.