Was that movie geared towards 6-year-olds? I don't think so. Hey, whatever your conscience can take. By all means, poke fun of those who worry that joking about Pinnochio wearing women's thong underwear might not be appropriate humor for kindergarteners. As long as it eases your conscience, that's all that matters.
Well, under the Hayes Office, which had power in 1959, movies exhibited in the U.S. were required to conform to standards slightly looser than "G", but more stringent than "PG", so no films were supposed to be particularly unsuitable for children. For men to dress up as women to disguise themselves was thus apparently considered less objectionable than for a man and woman to have a single kiss last more than 3 seconds (unless the man was a soldier or sailor departing for The War--some of those film kisses were allowed to last a lot longer).
BTW, note that cross-dressing for theatrical or humorous purposes goes back a long time, and was not considered to have anything to do with sexual deviancy.