I see your point, but there are a lot of pieces (with stories) created to showcase a particular talent or character, like The Pee Wee Herman Show, or Kiki & Herb. They just usually don't get adapted for other performers. I guess, because this was a famous (money-making) movie, the adapters felt that they could make it work without Ferrell's bizarre-ness...
The video out there indicates that the actor performing Buddy is doing his best to imitate Farrell. No doubt that's what the producers wanted. I doubt you'll see much character innovation in this.
I assume, Sean, that means you haven't seen the show?
What was your impression of Arcelus' success in aping Ferrell from the video?
Videos