I can't even say he does a bad job, and I'm sure at the time, the Pee-wee Hermanness of the character would have resonated with the intended audience. Watching it now, though, there's nothing enjoyable about the high-pitches shudders of laughter.
Pinocchio is one of my least-favorite fairy tales anyway, and all the problems with it are condensed in the FTT episode. The idea that you can't make a mistake even once without horrible disfigurement has always bothered me, and Pinocchio getting in such deep and lasting trouble for going a little off track on his FIRST DAY ALIVE distresses me deeply. Parents are supposed to teach their children, not let them wander off to get into trouble and then blame them for it.
But that's a separate issue than the episode itself, which is technically impressive as far as the low-budget but effective special effects. If you can get past the Pee-wee laughter and the hokey Italian accents, it's not a bad episode.
It is also still available to watch on hulu.