Good try, but I think Syd is describing a woman he encountered, most likely a girlfriend or groupie that he found alluring, yet difficult to understand or maintain a relationship with. Just MHO.
Grooving around in a trench coat
with the satin entrail
Seems to be all around in tin and lead pail, we pale
Jiving on down to the beach
to see the blue and the gray
seems to be all and it's rosy-it's a beautiful day!
Will you please keep on the track
'cause I almost want you back
'cause I know what you are
you are a gigolo aunt, you're a gigolo aunt!
Yes I know what you are
you are a gigolo aunt, you're a gigolo aunt!
Heading down with the light, the dust in your way
she was angrier than, than her watershell male
life to this love to me - heading me down to me
thunderbird shale
seems to be all and it's rosy - it's a beautiful day!
will you please keep on the track
'cause I almost want you back
'cause I know what you are
you are a gigolo aunt