TuneUp's Gabe Adiv pointed me to this Kids Incorporated segment from 1986. It stars Stacey Ferguson (Fergie!) and a clown. Gabe said, "I don't get it." Y'know, I don't either. But wow is it weird.
UPDATE: Spoiler, from KidsIncorporated.us:
Synopsis: Stacy doesn't want to enter a clown contest because she's afraid she'll mess things up. However, she befriends a clown that changes her mind.