1) 2 single girls trying to make them dreams come true in the 1950s
2) They live in a basement apartment like L & S did
3) Betty Garrett(who played their landlady and Laverne's stepmother) is one of the girls. It's cool to see "Mrs. B" so young here and in a story with a premise like the later TV series she would play in.
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Interesting - I thought it sounded an awful lot like “Wonderful Town” - the musical composed by Leonard Bernstein.
It turns out that this musical and Wonderful Town are both based on the same set of short stories by Ruth McKenney.
And there are two film versions of “My Sister Eileen” - 1942 and 1955.