Actually, it's rumored that it's supposed to be a non-ironic/in-jokey version, and Ferrell is going to play his part straight. Adam McCay did want to direct it, but he's doing something else. The current director's resume includes the Series of Unfortunate Events adaptation and an episode of Cop Rock.
HOLY SHIT. I had totally removed this from my memory, but I watched this fucking show when I was 4 or 5... WOW. WOW. Thank you. I am not going to track down more clips for my own nostalgic enjoyment.