I finally managed to track this down at a cult-film video store, and it was worth all the effort. Do whatever you have to do to see this one! It vaguely reminded me of the low-budget inventiveness of Weird Al's "UHF," only multiplied 1000 times, and the "let's make a movie while the executives are out to lunch" zaniness of "Pee-Wee's Big Adventure."
There's a lot more to this movie (or movie-within-a-movie, or is it a movie-within-a-movie-within-a-movie?) than might appear. Subliminal messages, Hollywood major-studio politics, art vs. commerce, a startling new use for a chrome bust of Mickey Mouse, fantasy vs. reality, the horrors of dealing with unionized labor, some plugs for the Church of the Sub-genius, lots of deftly-employed stock footage, and the most terrifying "pizza with everything" you'll ever see. And there's even an intentionally-horrible musical number about the creation of the universe, which is thankfully interrupted by a ridiculous Presidential announcement.
You'll also get a fascinating look at the art of low-budget special effects production. Some of the visual treats Jittlov comes up with are astonishing, even in the post-CGI era, and particularly since he shows you how a lot of it is done.
There are some profound insights and a lot of laughs. I nearly fell on the floor laughing during the scene with the police helicopters, and why is one of the thugs Canadian? (why not?) How in the world did Jittlov film the suitcase/car chase at the end? Look for Philip Michael Thomas in a rare post-Miami Vice role. And make sure you stick around for all of the credits!
Mike Jittlov may not think of himself as a "real" actor, but he's got a lot of charm and he comes off as a genuinely likeable guy. And it was nice of him to cast his friends and family as themselves.
It might be too weird for some viewers, but if you're game, "The Wizard of Speed and Time" will put a smile on your face like few other films.