I suppose if you saw this when you were a kid it might have some sentimental value. But watching it for the first time in 2017 is pretty brutal. That said, there are some chuckles here.
Street Tough: "You're nothing but jive man, I could kick your ass any day of the week."
Bruce: "Kick my ass any day of the week?... Oh I am busy all week!"
Ok that's pretty funny. Most of the other jokes are of the Yakov Smirnoff variety and out of all the movie references(and there are quite a few), The Godfather gets the most mileage here. Why The Godfather over something like... say, Enter The Dragon? Don't ask me.
I think it's safe to say that the best Bruce Lee spoof movie is still the "A Fistful of Yen" segment in Kentucky Fried Movie(1977).