Well in the video to the song I remember Bob Dylan barely had time to flip the cue cards with the lyrics on them since the tempo of the song is pretty fast.  

Were you going to try and time the animation to the song? That could be very problematic to get it to fit. If you're just going to animate the scenes without the music it could be done a lot easier.

The basics are to make sure you do it in small shots of about 3 seconds each with different camera angles, to fit together the long shots, inserts and close-ups. That will make it easier to animate it in pieces and also hold the viewers attention more.

Since you have the script already, the next step you should take is to make a storyboard of how you want each shot to look like and what motion the scene will have. You can do single frame renders in Poser since you'll have to set up the models for the animation anyway.

Click to get a printed and bound copy plus T-shirts, mugs and hats