It was Ronnie Wood, not Rod Stewart or Ronnie Lane, who sang the lead vocal for this song. Lane and Stewart were at odds at the time. Stewart did not think the song was up to his standards, although both he and Lane recorded lead vocals for it. Their producer, Glyn Johns, suggested Wood give it a try, and that's the version that was used for the album, which was Faces' last studio album. Lane left the group after Ooh La La was released and the group disbanded after their 1974 tour.
Interesting. I’ve never heard that album. The Youtube video which features Lane is a regular in my video playlist. I’m familiar with the song from the Rushmore soundtrack too and that looks like it’s probably Woods version. They do sound very similar.
https://www.youtube.com/watch?v=cpSlT2BVvGc