The album Neil's Heavy Concept Album https://www.allmusic.com/album/neils-heavy-concept-album-mw0000847135 contains covers of songs by Traffic, Tomorrow, Pink Floyd, Caravan, The Sex Pistols, Donovan, and The Incredible String Band, as well as references to / parodies of King Crimson, Black Sabbath, the Beatles, the Rolling Stones, and lord knows who else. Plus the musicians supporting Nigel Planer (of the comedy series The Young Ones) are top notch stars themselves. I don't know if the covers and mockery are BETTER than the originals, but overall (as a concept), they're a whole lot gutsier (and funnier).