Weird Al Yankovic was already popular before writing UHF and taking on the role of George Newman (a subtle nod to MAD Magazine’s mascot). It was probably no surprise that he would choose parody as his first major jump into film producing, and the movie has a ton of direct film scenes and lines as well as references or parodies to a ton more.
Conan the Librarian seems especially timely.
Unfortunately for Orion, who thought this thing would crush at the same box office where Batman and Indiana Jones and the Last Crusade were playing, the movie was only a modest success. The company went under a few years later.