I actually started a project last month with a similar concept, although it's based on my own childhood drawings that I recently dug up.

Provided self-promotion is a-okay here, you can check out the first couple of entries:
http://ironcladfolly.com/2012/03/04/monster-resurrection-sword-leg
http://ironcladfolly.com/2012/03/06/monster-resurrection-big-mouth

I picked this up on a whim a few years back for its novelty. Unfortunately, it's really not a very good film, even as a campy "So bad it's good" flick.