This is the Tiny Toon Adventure short "The Return of Pluck Twacy", part of the episode "New Character Day", one of the last episodes of the original 65-episode run. It was written, 'boarded and directed by Eddie Fitzgerald. The opening few seconds of the video are the end of the first segment of the episode. You can ignore that.
First of all, I'd like to clear up any confusion caused by the multiple Tracy/Twacys:
Dick Tracy is a private detective from a newspaper comic strip.
Duck Twacy is from the 1946 cartoon "The Great Piggy Bank Robbery". In this cartoon Daffy avidly reads a Dick Tracy comic strip, knocks himself unconscious, and dreams about being a Dick Tracy style character named "Duck Twacy."
PLUCK Twacy is from the Tiny Toons episode. It is the character *Plucky* dreams about after hearing a speech by Daffy in his Duck Twacy persona.
All sorted? Good. Why do I think there might be some confusion? Well, the segment is supposedly Daffy/Duck Twacy's audition tape, and yet most of it is about Plucky/Pluck Twacy. Also, at one point on his blog Eddie Fitzgerald said that *Pluck* Twacy was a character from a 1940s cartoon who he brought back for TTA. (although he later deleted that, either when someone else pointed out his mistake or when he realised it)
Finally, there is the title, The *Return* of Pluck Twacy. We have never seen Pluck Twacy before, and never will again. So why The Return, unless someone mistook Pluck Twacy for a character who had already appeared?
Anyway, ignoring these problems (which is easy to do after the first few seconds) this is a pretty fun cartoon. The scenes where Plucky bashes himself over the head in order to cope with the tickling are really funny, and the bit on the neon train (a reference, perhaps, to GPBR's "Neon Noodle") is gloriously imaginative, although some may feel it drags out a little.
Some TTA fans are quite hard on it, including one review (on the Tiny Toons Reference Guide) who says that it "sinks to the level of its inspiration", which sounds like a criticism of the original "Great Piggy Bank Robbery". So, it's probably not one for audiences who are into 90s cartoons but not the ones from the 40s. (well, unless there are actually 40s WB fans who don't like "The Great Piggy Bank Robbery" for some reason)
I can kind of understand the problems some people might have with it. There's nothing particularly distinctive to Tiny Toons about it, except in the opening and closing scenes, set in Acme Looniversity, and the point where Plucky gets the vision of Daffy/Duck Twacy giving him advice (that is, because it follows the TTA theme that these are the fans/disciples of the classic characters). Mostly it's a mash-up of multiple classic Warners cartoons, made by someone who is clearly a fan of them and saw this as a chance to make his own.
Obviously, the main set-up comes from Bob Clampett's "The Great Piggy Bank Robbery". The "aura" character is based on Hata Marie from Frank Tashlin's WW2 era "Plane Daffy", and "Tickle-Puss" is Sloppy Moe from Clampett's "Wagon Heels", who saves the day by tickling the villain into submission. There may also be an influence from Bob McKimson's "The Super Snooper" in the way the aura behaves towards Plucky, but the style is much more influenced by Clampett and Tashlin. The scenes where Plucky is surrounded by criminals with weird names, and he gasps as he lists them, is directly from GPBR, although it had already been given a TTA treatment in "Return of Batduck." (I feel the Batduck version works a little better, as it is more imaginative and unexpected, and making all the criminals parodies of Batman's Rogues Gallery gives it a life of its own. Putting it in a setting more directly influenced by GPBR feels less imagintive and more derivative.)
Some shots even seem to be traced from the original cartoons: the long shots of Plucky surrounded by the weird criminals - who all of a sudden look much more like the GPBR villains than the ones in the rest of this cartoon, and the part where Plucky leaps off the guillotine and faces-off the aura - the helmet which he puts on to protect himself from the blade makes him look even more like Daffy in Plane Daffy.
The animation is by Glen Kennedy's studio, which is probably the best choice for a Clampett/Tashlin influenced cartoon. I'm a lot easier on Kennedy than a lot of people, but their animation here is a lot weaker than on some of their other episodes. The scene where Plucky wakes up on the floor of the classroom is particularly bad looking (and there's a strange mistake, where he is seen writhing around for the first few seconds without anyone surrounding him... is he, like, dreaming that he's waking up in an empty classroom, before he actually wakes up in a full one?) Jon McClenahan of Startoons fame animated the introduction where Babs and Buster audition Daffy, and speech Daffy makes to the class, although the last shot of Daffy with the apple seems to be a different animator. It's a shame there isn't more of him, though. I'm sure that Eddie himself was happy to see it assigned to Kennedy, because as we all know he admires Glen Kennedy's work. But I'm not sure if Glen actually animated anything on this one.
Oh, and the ending takes Daffy's "manic depravity" (John Kricfalusi's description of "The Great Piggy Bank Robbery") to a new level. When Daffy woke up, he found himself kissing a pig in a mud pen, and was disgusted for about a second before whooping around excitedly, no doubt because of how much fun his dream was. But in Plucky's case, he bashes himself over the head with a mallet so he can return to his dream! (watch Daffy's encouraging expression at this point!) Kind of reminds me of a certain cop show that I won't name to avoid spoiling people.