My folks took me to this. For years I had no idea why I had a memory of superheroes waterskiing and assumed I'd dreamed it or something, and thanks to the internet, I stumbled onto evidence of this show a few years ago. The internet: occasionally proving I am not insane since 2004.
It's good to hear about some first hand confirmation of this, as I tried to go on youtube and find some old footage to no avail. I guess digitally copying your super8 footage of costumed water-skiing is not on the top of anybody's to-do list.