I have been looking for this clip for some time and I've not been able to find anything about it at all. I don't have much information on the show, but I can share what information I have.
When I was a kid in Chicago, waking up early on Saturday morning to watch cartoons was part of my routine. One day, I woke up earlier than usual and saw this song on a show before the cartoons started. In this song, there was a man dressed like a clown singing and dancing with smoke in the background. I don't remember much about the song, but the chorus was "Gonzo Bonzo The Magic Clown." The song had a slow tempo and I remember it being kind of creepy. It could have creeped me out because I was a kid at the time, but it was kind of creepy.
Unfortunately, I don't remember the name of the show it was on. I know this song was before the credits of the show and this was aired before a Saturday morning cartoon block. This was also likely a show that aired in Chicago around 1988-1990, but I don't remember how old I was when I saw this clip.
I would appreciate any information that you have this show and I'm willing to answer any questions that I can about it.