Masters of the Universe (1987) RiffTrax LIVE!
This has already been suggested, but not as a live show.
The entire time I was watching this, I could literally see the three boxes to the right of the screen showing Mike, Kevin, and Bill with microphones. It has RiffTrax LIVE show written all over it.
It is the perfect example of a cheesy late 80's movie, with Dolph Lundgren portraying the character that apparently put the Ghostbusters out of popularity: He-Man. Courtney Cox and the Principal from 'Back to the Future' are also along for the ride, and there's plenty of hamminess to go around. Not to mention the Star Wars cantina-esque creatures and awful special effects.
I honestly think this would be an excellent investment for a live show in 2020. Please consider it. Thank you!