The speaker's love for (and slight obsession with) Lana Turner and celebrity culture is the heart of this poem. He's definitely put her on a pedestal. And if we zoom out a bit, we see that for O'Hara himself, the collapse of Hollywood celebrity is worth writing a poem about.
Most poems about public figures are a bit more dignified; poets often write about kings and presidents, about people who changed the world in significant ways. O'Hara elevates a Hollywood actress to this level of admiration.
She is even elevated above the speaker's companion. The original addressee of the poem seems to disappear when the news of Lana hits the scene. But he does seem to acknowledge the silliness of it all – we feel a knowing smile behind the last line of the poem.
The poem suggests that the speaker's admiration of Lana Turner is a way to escape the banality of everyday life.
The poem suggests that absorbing celebrity gossip is as much a part of daily life as walking down the street.