The "20th anniversary" does not take into account Popeye's first appearance in the comics in 1929, but only his 1933 film debut a little over twenty years prior to this short film's release.
The caricatured guests of the testimonial dinner include Bob Hope, Bing Crosby, Jimmy Durante, Milton Berle, Dean Martin, and Jerry Lewis. When this short was released, Martin and Lewis were a popular stand-up comedy act that had also appeared in several movies. They are shown sitting at the same table at the dinner.
The failure of the original copyright holder to renew the film's copyright resulted in it falling into public domain, meaning that virtually anyone could duplicate and sell a VHS/DVD copy of the film. Therefore, many of the versions of this film available on the market are either severely (and usually badly) edited and/or of extremely poor quality, having been duped from second- or third-generation (or more) copies of the film.
One of the few times Olive is seen in a stylish evening gown, as befits the Hollywood style occasion.