Zorro: The Gay Blade (1981)
Movie poster in Daniel Laurent Films building.
Tom: "Zorro, the gay blade!"
George Hamilton as Zorro mentioned
Subject of an $800 clue in the category "Film'Z'"
"...made us crave the Gay Blade."
Bunny Wigglesworth, with his "Sink me!" and scarlet suit, is somewhat obviously a(n unflattering) parody of Sir Percy Blakeney and the Scarlet Pimpernel