I don't honestly hear much Crimson Glory at all in this song, but it's not that bad actually. A bit confused maybe, but cool.
I think it's just the combination of the terrible production, completely absurd vocals, and odd song structure (random solos placed all over the place and buried in the mix) that makes this so hilarious for me, but I can't listen to the whole thing without laughing.
But that's what makes it cool! It's just so random!
As for the line-up, I've heard worse names from people who took themselves totally seriously.