Factual error: George comes up with the idea to raise money via a public share issue in Channel 62 around mid-morning, and promptly announces the telethon on the air and by midnight of the same day they have the money they need. One problem. Even if George had access to a compliant attorney and Channel 62 was already a company authorised to issue shares, a public issue would take at least ten days to organise. There are all sorts of notice periods and filing dates to which the share issuer must adhere. I know - I've done it.
Plot hole: Throughout the telethon we see volunteers taking pledges over the telephone. As with all telethons the vast majority of pledges will be paid by cheque. Instant bank transfers were unknown in the days the film was set and the telethon ends at midnight, at which time American banks are most certainly shut! How does George manage to have $75,000 in CASH for Big Louie on site that very night? Not every single pledge would (or could) go out to the remote site to pay in cash - not at that time of the night, anyway - and he couldn't raise more than the required sum as this was a share offer and an oversell would reduce the value of individual shareholder's equity.
Plot hole: R.J. Fletcher is shown as a ruthless businessman who knows everything there is to know about Channel 62 - who owns it, how much it's worth, who is running it, the financial troubles it is having and so on and so on. He is also fully aware of the telethon and the fact that George is selling the station as a going concern for a total of $75,000.00. It is simply asking too much of audience credulity or 'suspension of belief' to think that such a hard-headed businessman would not work out that he could, using stooges, buy a controlling interest in the station for $37,501.00, saving himself a small fortune and closing the station down over the objections of his minority shareholders. Something this blatant could not possibly be a character mistake - he is already planning on buying the station for the full price (from Big Louis) so don't tell me he wouldn't just switch plans and buy it from George instead!
Continuity mistake: In the beginning during the Indiana Jones parody one of the men pulls a gun on Weird Al with his left hand. Then Al lashes his whip, slicing his arm clean off. Then we see a RIGHT arm fall to the ground, gripping the gun in its hand. [Explanation: The live scene was shot one morning, and the actor who had his arm whipped off was cleared and went home. After lunch the prosthetic arm was delivered, and it was the wrong arm. They were on such a tight budget that they couldn't delay the shot, and flipping the negative (so right becomes left and vice versa) wasn't an option because the scene with the small pond had already been shot, and couldn't now be shown in reverse. This is from Weird Al's website, www.weirdal.com.]
Continuity mistake: In the scene where Fletcher tells Teri he cares about the people in the town as much as a 'a festering bowl of dog snot' Philo is recording the whole thing. Later on Philo broadcasts the whole scene and you can notice that this is a different recording. Fletcher's voice and expressions are completely different from the scene with Teri.
Continuity mistake: When Philo realizes that Stanley is in Fletcher's office, we see the head thug and Stanley walking over to the desk. The camera then cuts to inside of the office, where everybody is around the desk. When George and Philo rush in moments later, the same video of the thug and Stanley walking over to the desk is playing again.
Continuity mistake: After George declares victory, Kuni is seen touching the corner of the tote board, then jumping down to celebrate. A second later, he's back up at the board as the numbers fall. Much too fast, as the places are well over fifteen feet apart and the stage for the tote board is elevated.
Continuity mistake: In Fletcher's office, Fletcher is berating his son about a pencil. As he does so, he's fully beside his son at face level. After the camera changes angles, there's a guy in a white suit sitting far enough away that Fletcher could be between them. Another moment later, the man is shoulder to shoulder with Fletcher's son.
Continuity mistake: At the end of the telethon when they are just about to make 75,000 dollars, Al puts the money in the limo guy's window. Look at the sign showing the dollar amount they are at. It shows 75,000 well in advance of them pulling it down (which happens in the next shot).