I should think they could release a sort of "best of" with some of the less-topical sketches, but I doubt you'd ever see a "complete season" release (or reruns), due to the fact that the show was pretty topical.
I remember it being pretty hilarious too, though the sniglets are the only specific bits that I can actually recall (and only yenkel, at that). Was it a very clip-heavy or music-heavy show? While I'm not in favor of 'best-of's in general, it wouldn't surprise me if clearances for full-season sets would be heinously expensive, so I'd take a best-of over nothing.
As I recall, clips were rare except for news footage (which shouldn't be hard to clear), and they tended to use the same pieces of music over and over. Herbie Hancock's "Rockit" was a favorite.
I remember some bit about a hara-kiri hotline, with Stuart Pankin saying, in a mock Asian voice, "Sorry to cause some confusion, but the suicide hotline is busy!" while some guy kills himself. As I recall, that was in one of the last episodes. The bit where Rich Hall jumped on different lengths of gas station hose to play a song might have been on NNTN, too.
Favorite Sniglet : Howuzitizing: Trying to see how a movie is from the reaction of the people exiting the previous showing.
As for the music, they often used rather generic, maybe even original music (I'm singing the song they used quite often in clips, wish I could post it).
But I don't know if they would have problems getting the rights for clips, since the show was made up of a lot of news clips, with the cast editing themselves in.
Sniglets I still use to this date: Cinemuck - that gooey substance on the floor of the theater that sticks to your shoes. LapFlaps: the cards that fall out of magazines and into your lap when you open the magazine.
I loved Rich Hall, Stuart Pankin, Mitchell Laurance and Lucy Webb in this...they were all funny. I vividly recall those sequences where someone - usually Pankin, IIRC - would pretend to be a reporter at a Presidential news conference and they would splice together actual Reagan quotes from press-conf's to make silly answers to the questions. They would always start those sequences by showing Reagan walk up to the podium in a quiet room and with very squeaky shoes...that made me roll on the floor every time!
Greg Daniels, Al Jean, and Conan O'Brien all wrote for this show. Great stuff, a classic! I don't know, though, if HBO would be the ones to ask to put this out. Moffitt-Lee Productions made it (they also did the recent version of Hollywood Squares), and so this - like HBO's "1st & Ten" is doing - would probably have to hit home video through an indy label.