After a second viewing my opinion has gone up a few notches, first time I was was watching the movie too much and not focusing on the riffing. Still no side splitting moments, I'd rate it equivalent to an average MST3K episode or RiffTrax.
I think the movie, while very, very bad, is still too interesting, it actually has a plot that makes sense. For the first CT movie they should have gone with something much worse...
I guess they had to change the name very late, Mary Jo's car at the end must have been made before they changed the name, the joke only works if you know the original name of the movie.