Some great Bollywood LP covers can be found at Niall Richardson's site. Psychedelic, cheesy, eclectic...call them what you may. Lots of obscure ones, including some forgotten films scored by R. D. Burman. My personal favourite (for no formal reason): Seeta Aur Geeta.

Interesting statement of the day{extracted from the review of the soundtrack album of LAGAAN on Planet Bollywood}
Not many a Bollywood composer would know that composing a true waltz requires 3/4 measure (basically the 1-2-3, 1-2-3, 1-2-3 feel for the song).