That was my first thought when I read about it, but the decos don't remind me of the characters in the 80s cartoon.
(both Cullen and Welker were voice actors in that too... aside from three of the live action movies, I don't think they partnered up in anything else?)
I don't think it was ever rebooted/redone?
I'm surprised that they only had 27 episodes, despite going for 3 years (1983-85). Most cartoons had that many or more in just one season/year.