yes it is. the music and Grandpa seth portion was added but the black and white footage is all the original opening. After seeing it I suggested he do this since it reminded me of the forest scene from the opening of Troll 2 (where the campy music and story time scene come from as well)
Next time you're out (school, shopping, whatever) ask the first person you see if they know what Troll 2 is. Observe their expression carefully as they wonder what meaning do the words that came out of your mouth have.