My interpretation, based on early versions of the song and the music videos, is that Even Better Than The Real Thing is a tribute to gay and transgender people through the lens of glam rock.
"You're a drag star, you sent me a song of speed
Your electric guitar is a habit I've gotta feed
Check it out, someone
You're a high wire act, an acrobat
A wrestler, take away the mat
You're a drag star, I'll be your spin machine"
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