Not only does he love movies, I think Silvio would like to be Michael Corleone even more than he would like to be Al Pacino and that's reflected in his style.
You're right, Steve says he's watched GF 300 times if not more and many other gangsters movies. Actually he confessed his inspiration for the role was James Cagney because he and Bruce grew up with all those B&W gangster movies on TV and they used to imitate these characters in the streets.
I think we're lucky they chose to become musicians instead of actors though 'cuz they're a million times better at that, that's why I put " " when I call Steve an "actor" ! Now he makes a very good real film gangster caricature, don't you think ?
I like the way he moves - hunched and the frowning expression that Silvio normally has on his face. Like De Niro, he can frown with every single muscle in his face.
and when you think he does the same in real life !