What Are the Limits for Songfics?

I recently discovered a song that I kind of fell in love with, and it told a story that I really liked and so I wanted to write a story based off of the song. As I started planning out the story, I started feeling weird because I thought I followed the song too closely and I felt kind of wrong about that. I really like the idea, so I decided to change my story so tat it wasn't too close to what happens in the song, but I started wondering where most people drew the line with songfics.

I have a lot of stories based on songs that I like, and I try to make them transformative, because I personally think that following something to a T is pointless. This is how i feel with TV show remakes and movie adaptations, which I know are very different from what I'm doing, but I think that if a piece of work reflects what it's based on "shot for shot," you might as well consume the original piece of work (I'm looking at you, Shameless).

Of course, I think it's important to point out that writing a story based off of a song is very different from what I just described, but I think the same thing can be done if you stick to the story that the song is telling. I don't know, I don't think it's right to write a story that leaves the exact same effect that a song leaves. But that's just my opinion, I thought it was useful to get other people's opinions on how much is too much when it comes to stories like that.