English Subtitle Versions available online (Links)
Took a bit of tracking down, so I thought I'd save the effort for those of you who would like to view this little gem online!
http://www.hurluberlu.com/en/movieViewer.php?filmName=ilha_das_flores
(Portuguese Narration / English Subtitles)
http://video.google.com/videoplay?docid=8708446201833554343&hl=en
(French Narration / English Subtitles)