Cubby Bear, doing his best Mickey Mouse imitation, gets into an operetta situation with Honey Bear, who sounds a lot like Betty Boop in this fever dream of rubber-tube animation and transformation.
I'm sure this appeals to small children with its wild, anything-can-happen approach to gags, in which Cubby starts out riding a dachshund, then dancing under its bowed body, then converting the dog into a squeezebox to accompany his songs. It does not, alas, appeal to me. I'm a Looney Tunes fan from birth and like my cartoon universe to have some rules that make some form of sense and the characters to have, well, character. This one comes off as trying too hard, especially when Cubby sits down at the piano and turns into a Mickey Mouse clone. Sorry, if I want a Mickey Mouse cartoon, I'll look at Mickey Mouse.
In the end, this movie fails because Cubby was never supposed to be anything more than a clown who did funny things. That meant he never really needed to be Cubby Bear, so why should I care to look at one of his cartoons?