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!
The Liveaction He-Man movie is just so deranged in so many ways. There is nothing about it that isn't utterly bewildering in concept or execution. My favorite bit is Skeletor's gang of bounty hunters he borrowed directly from Darth Vader in Empire Strikes Back.
Also: He-Man is wickedly hot, despite the utter WTFness of everything about his costume, so there's that.
Kevin Loria commented
By Greyskull yes!
This is an excellent idea - partially because the movie is terrible but watchable. Frank Langella is so over the top but compelling, and actually refers to this as one of his favorite roles. So many ways to make this funny, the actors are so earnest.
Let's not get greedy. I'll take this riff treatment anyway (live or otherwise).
Honest Trailers just tackled the **** of it.