The version of "The Nutcracker" presented by "Playhouse 90" in 1958 was a HUGE event. After all, it was the only edition of the series that was filmed in color....and almost nothing was in color on TV at the time. Because of this, very, very few televisions could even display color! But still, they did it in full color. Additionally, it aired live on Christmas night and was the most famous version of the ballet, the Balanchine arranged and choreographed "Nutcracker"...and it was performed by the New York City Ballet.
Now despite this being a prestige project, it has a couple strikes against it because of the technology of the era. First, the bluescreen effect is very hit or miss...good in a few cases and terrible in others. Second, because it was filmed on a TV set, the set is very cramped and the effect is less than stellar. Third, the music was too loud in a few places when June Lockhart was narrating. But again...they tried their best with what they had.
Despite the many shortcomings, this is still a lovely version of the classic ballet. Many times, I marveled at how they managed to do as much as they did...such as simulating the Christmas tree growing, furniture seemingly moving on its own and the great costumes. Overall, you can do better because of the many difficulties with live TV at the time and some dances were extremely truncated...but it's still lovely and well worth your time.