Yeah, he just wrote the story, but hadn't developed the script yet. He was working on many of the same ideas for Game of Death, this idea of the confrontation of styles and philosophies, but the true battle being inside oneself. He was trying to bring this to an early '70s audience and make it sink in beyond the hippies, and hadn't cracked how to do it well. Then he died and producers took those two film treatments and made crap productions out of them.
Having just seen this, I think you're being generous with the words "plot" and "story". lol It's about 90 minutes and hardly has anything like a main plot or story. It's basically just a string of gags, each with a featured character. Reminds me of several of Dana Carvey' and Myers' later live action films, like Master of Disguise or The Love Guru.