I agree with your interpretation pretty much, but as an elaboration, I think these two lines:
Cobain can you hear the spheres
Singing songs off station to station
Are a specific reference to the Music of the Spheres. In medieval and Renaissance Europe, scholars believed in a beautiful song created by the movement of the heavenly bodies (sun, moon, and planets). The music of spheres was supposedly the ultimate music, infinitely beautiful, but humankind was unable to hear it, either because of our sinful separation from God, or because we were so used to its presence that our minds automatically filtered it out as background noise.
The original idea has its origin in Greek civilization, specifically Pythagoras I think. He believed that since the planets moved, they must each create a sound (clearly no concept of a vacuum), and since they moved at regular intervals, the sounds they made must harmonize.
So I think the RHCP's here are suggesting that the music on Bowie's Station To Station album is this ultimate infinitely beautful music, so if Cobain can now hear it, that's what it must be.
So Levi's are called Levi's because the guy's name was Levi Strauss? Why didn't they call them strousers? - Fiona O'Kearney 6/5/2004