I know that we have discussed old songs becoming new songs somewhere before, and John's habit of using bits from here and there, reworking them into new material.

What about "Making Movies" being written about the time that he started to record Tiny Colour Movies?
There's a clue in the lyric...

If this were the case, then does it hold that my All Time Foxx favourite "Underwater Dream Sex" (also on the Drive EP) was morphed into 'Underwater Automobiles' but inspired intially by the Tiny Colour film of the woman swimming naked underwater?

Just thinking aloud. Any thoughts?

Not only, but also. I played A Million Cars recently and for some reason I kept hearing "Annexe" from the IMW sessions...

well ... john makes quite effectively use of various recurring themes throughout his whole career , but some things are almost always returning on each new release by him : films / movies / cinema & related stuff like photography & videos ... cars - in which form soever & his "fluent" / "swimming" / water / ocean themes ! ;-)

with "underwater automobiles" he's even combined them all in a very special way ! :-)