I’ve seen it done by a flaming gay man, actually over seven feet tall, wearing a red pleather suit with extravagant glitter on both the suit and his face. Nothing is more derisive or mocking than that. Plus, I hear he got to keep the costume after the show was over, because no one foresaw a need to store a red pleather suit that big.
Not that. The tune is from Has Anybody Seen My Gal. At least the first two verses. The last one is different, and does conjure a song-and-dance man with a straw had and a cane. The tune for that bit is one that you’d know right away, but I don’t know the name of it.
The “Hello, hello” part (which I always found an unfunny, poorly rhymed, overfilled blasphemy-for-the-sake-of-blasphemy sort of ditty, myself) has also been sung to a Sousa march that I can’t name. It was popular with “filk” singers in the 1980s.