the movie may be based on that dudes life, but as far as how he looks he's dead on riff raff.
This is pretty much the impression that I am under. I think that the crack dealing persona is based off of Dangeruss. From the interviews, I think it's pretty apparent that the dude is an irl crack dealer and street gangster.
In contrast, Riff Raff seems a lot more like a pure entertainer. He doesn't seem like a real street person to me. However, Franco's character does look just like the guy.