The “plot” is basically an update from the original stage show. Cowboy Curtis in placed in the function that Captain Carl filled in the original: love intertest of Miss Yvonne, subject of Pee-Wee’s Jambi wish on behalf of Miss Yvonne.
Other than that difference, the plot is pretty much exactly the same as the 1981 (Wiki says 1981) stage show from The Roxy that made it to HBO originially.
Within that story structure, there are elements of the Pee-Wee’s Playhouse T.V. show that are added.
The set matches the set from the Pee-Wee’s Playhouse. Characters from the T.V. show that weren’t part of the original stage show have been added to the stage show (e.g. Chairry).
A couple new characters are added, Bear (“I hate mute characters, I hate guessing games, and I hate Charades!!!”) and Sergio (Pee-Wee’s sexy dancing Latin Lover-type repairman), but they don’t effect any change to the plot.
Dialog is updated to include contemporary references like abstinence rings and the internet.
My friend Jesse plays Sergio and he’s awesome and he gets to dance with Pee-Wee, which is extra awesome.