Mr. West,
Great pull! That song was a collaboration with Billy Mumy, the little red-headed kid on the American TV series Lost in Space. Not a "top 40" hit mind you, but at the time, "cutting edge" bizarre in the infancy of MTV. I recall discussions of basically what is "steampunk" and comparisons to David Lynch's Eraserhead concerning the early part of the video. But I don't think the Steampunk terminology had yet been introduced as lexicon.
Concerning Eraserhead which is touted as some kind of "Holy Grail" of filmmaking, I've watched it younger as well as older, sober and imbibed and still think it sucks. To me, I liken the film to the old story of the Emperor's New Clothes.....
I reckon I broke ranks in commenting here, my apologies. But I felt compelled to do so....