The "Fred and Barney" half of the show consisted seven new 30-minute segments of The New Fred and Barney Show (1979) combined with reruns of first-season segments.
"The Thing" segments take place in the Earth-700974 version of the Marvel Universe.
In Japan, henshin (or transformation) is a common superhero trope typically featuring the insertion of a key into some device. The Thing Ring and subsequent transformation bear an unusual resemblance to this phenomenon.