I saw a test screening of this film in Los Angeles circa 1999 - looks like it was never released.
As I recall, it wasn't especially funny, but it had its moments. The New Jersey Turnpikes are a failing basketball team. There's some kind of issue going on with the basketball league splitting in half - the NBA and the ABA? I have a feeling it was done as a mockumentary set in the 70s.
And Lee Majors reprises his role as the Six Million Dollar Man, though they may not have called him that exactly. As I remember, his sequences were the highlight.