I have both the movie and album but have never tried it. Here's Gilmour's thoughts on it:
RC: So youve never tried to play Dark Side Of The Moon over The Wizard of Oz, so that your music is apparently in sync with the film?
Of course not! That's one of the most ludicrous things that's come out, and it just runs and runs and runs. I mean, were obviously to blame for some of these stupid things ourselves, but that one God knows where that one came from. Oh alright, I did try it once, actually. It didnt seem to make any sense whatsoever. I wouldn't bother. It's better to listen to the words rather then to find out about little Dorothy and her red shoes!
Q: Is there any truth in the story that Dark Side Of The Moon doubles as a soundtrack to the Wizard Of Oz?
DG: If it does, then Roger (Waters, Floyd bassist/song-writer) never let me in on it. It seemed to bear no relation when I tried it. I mean, it can only last for the first forty minutes. What's supposed to happen for the rest of it? Was that supposed to match Wish You Were Here and um... (pause)
David Gilmour's view on the DSOTR sync -- not too encouraging for proponents for the "intent" theory