I saw this on it's original airing. it was amazing to see on the otherwise mostly tepid "Solid Gold" show. lip-synced performances were what all the stars did, except when the hosts "performed" a hit song. those were sometimes worthy viewing in and of itself.
the "comedy" bit with Wendy and Madam... wow. that's something else. Wendy was much better talking by herself, reading a cue card is not her strong suit at this point.