Yes, it's the opening to the first season of The Krofft Supershow. Watching this and the opening to the second season (included after the break), I found my brain simply switching off. So this is perfect sorbet material.
And it looked like that first opening featured the Omni in Atlanta, and sure enough, it appears that's right.
Anyway, just a warning: we cannot be held responsible for this theme song getting lodged in your head.