For simplicity let's say $A$ is a noetherian ring, $S = A[x_0, \ldots, x_r]$, and $X = \operatorname{Proj} S = \mathbb{P}^r_A$. I want to understand what, if anything, the sheaf $$\mathscr{F} := \bigoplus_{n \in \mathbb{Z}} \mathcal{O}_X(n)$$ means geometrically.
First, I think that if I put $$Y := \operatorname{Spec}(S) \setminus V(S_+) = \mathbb{A}^{n+1}_A \setminus V(S_+)$$ then I have a morphism $q : Y \to X$ (which takes prime ideals corresponding to closed points to their homogenizations) and that $\mathscr{F} = q_\ast \mathcal{O}_Y$. Is this correct? I'm not confident enough with these things yet to trust myself on something like that yet. [EDIT: To be more specific, I'm having difficulty constructing the underlying function $q : Y \to X$ in a way that makes it tractable to show that $q$ is Zariski-continuous, to the point that I'm wondering whether such a map exists in general.]
Second, whether the above is correct or not, does $\mathscr{F}$ have a nice geometric meaning of some sort?