Tough to fit the premise in the description line. Basically it's an overdub of an old Hercules/Samson film "Samson and his Mighty Challenge" Tiger Lily/MST3k style, but with a framing story about two guys wanting to start an independent movie house. An Australian friend told me about it a few months ago; apparently it comes from a MST-style comedy stage show that specifically riffed/over-dubbed movies and they made it into a movie.

Australia in the 1990s