Dylan fan Chris Hockenhull, 50, from Waterloo in Merseyside, set out to re-create the image by tracking down the 10 people who appeared in the photo as children.
Eight of the 10 agreed to go back to the scene in the Dock Road area of Liverpool, where the doorway remains intact.
Mr Feinstein, Dylan's sole photographer during his 1966 and 1974 world tours, remembered: "They were all like waifs.
They weren't your Beverley Hills kids."
Mr Hockenhull, who teaches a Bob Dylan course, said: "It began when I first saw a Bob Dylan picture without any location credits in the mid-1970s. When Barry Feinstein's book, Early Dylan, came out in 1999, there was the picture and the location, Liverpool.
"I started looking around various sites in Liverpool and finally stumbled across the place where it was taken."
He added: "Very few of the children had any recollection of the event. What really fascinated me is that they were not Dylan fans.
A man with a cine camera swept into the area in a big black car and offered them 10 shillings to have their picture taken."
They were found living as far afield as Scotland, London and Merseyside.
One of the women in the photograph, Bernadette Gill, 47, is now a doctor's receptionist from Knotty Ash in Liverpool.
She said of the original image: "I don't remember a thing about the original photograph. Only a couple of us do.
"I don't remember being given money, I probably went straight to the sweet shop and spent it.
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