Sadly it isn't. This film within a film is intentionally awful, but it's awful because of that. It's not cleverly bad like Ed Wood was, this one missed the brief entirely. It's supposed to be funny but I never cracked a smile once. Tony Cutis looks terrible too, dressed in a white Miami Vice style jacket and sporting a loud hairdo that would make Rick Flair cringe.
A really bad film and not in a fun way. Whether you view this one with a group of friends or on your own, I don't think you'll be having a good time. I'd rather watch a really bad B-movie that tries to be good.