All the effect does is distort the image or sprite to be on a 3d plane. Positioning stuff like walls requires math matching the distort or using the plugin by rexrainbow. To do something like keyo is doing, you'll have to use separate objects with different mode7 settings. There's a capx with the math earlier in this topic, but i still recommend the plugin.
What I mean by collisions is to design the objects and walls in top view so they move around as wanted. Then you take those positions and map them to the distort as explained above. It's probably a bit tedious to do though.