No, I am not referring to The Rutles at all. That was a brilliant TV special that sprung from an SNL sketch (I still own the album, which is actually quite good). I don't recall Al Franken having anything to do with it (though there was alot of cameos.)
His series was called "Lateline" (I think) and was supposed to be a parody of "Nightline." It lasted four episodes, and set a record for the lowest ratings in it's time slot ever.
You're right. I looked up Al Franken on IMDB just after reading you're first post and it listed The Rutles as one of his credits, but I just looked again and it was a cameo. I was mistaken.