Your understanding is very good TL
The band are discussing the future prospect of "Elbow The Musical" where the band are played by "dancers" and "young fit people dressed as us"
Jupp tells us he wants to be played by someone with hair.
Although (because) the actors are young and fit they will need to wear fatsuits which they will take off at the end of ODLT.
Guy imagines "some X Factor dude playing me" and at the end he slowly goes into the splits and is then pulled up into the air on a harness
Weird and wonderful
There's some really interesting insights on the dvd commentary (but this isn't one of them
) It's just the lads having a laugh