Personally, I loved this episode. Lucy post dates the check and then writes her own operetta whose songs are hillarious. Lucy once again plays a snaggle tooth character, the tone deaf "queen of the gypsies". At the end the company that rented the theatre group the props come back and take all the costumes and props mid-performance.
Even as a child, I always wondered why the collection people took the props in the middle of the show, practically guaranteeing that they would not get paid. Why didn't they ask for all the box office money instead, or wait until the show was over. By taking the cstumes/props in the middle of the show, they guaranteed that the audiance would ask for their money back and the group wouldn't be able to pay the bill.
Of course it works out funnier that way, as Ricki gets de-pantsed onstage!