No,I do not remember the"I Love You Worm".
And I'm glad that I do not.The worm of which you speak must have sucked even more than your renditiion,because I enjoyed the concept of the movie looking like old reel to reel film,but not the cheesy worm.Take this concept and perhaps make something interesting,like a"snuff" film or vintage erotica or bondage,you know something actually interesting.