You were looking in the right place. I am guessing old film font. Here are some similar digital fonts:

Kobalt
Mostra Two

I was going to suggest Mostra Two as well but was waiting to see if anybody could find the original font in an old book.

Here's an old thread from the two Mikes about Novel Gothic et al.

http://typophile.com/node/17577

Hi Guys thanks for your responses. I eventually with a lot of hard work found the font. Its a freeware font called Tricorne Display using all the uppercase letters.

Tricorne might look like the font that was used on the album art, but keep it mind this was designed before digital fonts existed, so it's only an emulation of the original, and might not be a good one if it's free.

Tricorne was Southern Software's "version" of Novel Gothic (see Angel71's post above). If SSi was true to form, the font was a renamed ripoff of someone else's font.