This is the second Rabbit Ears story narrated by Robin Williams, the first being Rabbit Ears: Pecos Bill (1988).
This story has many elements similar to The Adventures of Baron Munchausen (1988) such as both lead characters, the Fool and the Baron, being accompanied by several super humans. Also, both movies featured Robin Williams, Robin Williams is the narrator of "The Fool and the Flying Ship" and he also plays the King of the Moon in Munchausen. Finally, both movies mention the King of the Moon, even though "The Fool and the Flying Ship" mentions the Prince of the Moon.