The Flying Serpent (1946)
From the same great minds that brought you 'Mad Monster,' 'I Accuse My Parents' and 'Lost Continent' comes... basically a complete rehash of the far more popular 1940 Bela Lugosi film 'Devil Bat,' minus the star power of Bela Lugosi.
It’s got all the hallmarks of classic MST3K fodder, in that it’s dull, grey, and features lots of dramatic “action” sequences of middle-aged white guys driving well below the speed limit or shuffling slowly away from a hideous flapping monster that looks remarkably like a soiled dish rag that somebody taped Johnny Depp’s hat to.
It’s also in the public domain, though I don’t know if anybody’s ever bothered to go back and clean up the print, which might be a problem. If you can find a nice enough transfer it'd be a good one for Mary Jo and Bridget to riff on, since they seen to enjoy doing the old black and white stuff from the 40's and 50's.