As someone who worked at 510 Lovett (at KTRH) for a couple of years, I have a few observations. I plan to watch the film but haven't done so yet.
Jay (Jesse H. II) Jones had taken over in 1984 from his father, John T. Jones, and had something to prove. So both KTRH and KLOL were under more pressure to perform. I suspected he was more in tune with KLOL than KTRH, where Michael Packer had a free hand (unfortunately) with the newly-installed all-news format. Pat Fant was the GM of KLOL and had deep roots in the station. Even so, he was management by the mid-1980s. I suspect he spent more time in the Rusk Corporation offices than in the KLOL studios. As I recall, there was some turnover in air staff. In addition, ABC had come up with "97 Rock", KSRR. It was definitely head-to-head competition between the stations. The 510 Lovett restroom urinals sported 97 Rock bumper stickers, strategically placed. What I recall of KLOL by 1985 was that it was pretty much a standard-issue album-rock station, though it could be more adventurous than some on occasion and would play long versions of certain tunes from 12" singles.
Even though ABC sold KSRR to Malrite in 1986, which in turn flipped that station to CHR, KLOL didn't have the field to itself for long with the arrival of KZFX - if I recall the call letters correctly - and its classic format. In other words, there was always competition, and KLOL had to adapt.
When Stevens & Pruett were hired, there was always the suspicion among those of us at KTRH that cutbacks made about a year into the all-news format, ostensibly due to the collapse of the energy market and its consequent effects on ad sales, were really made in order to fund the KLOL morning team's salary, generous by Rusk standards.
If it had made it into the present day, KLOL probably would have been in the iHeart stable, and we all know what that means: cookie-cutter programming with minimal community connection. Some people like that sort of thing, but it wouldn't be KLOL as those nostalgic for the station remember it. Aside: the people who did remember "Mother" would now be in their 70s. KLOL might have made a little bit of a heritage play but I wouldn't see that as having much runway.