Top Creature! I hadn't seen this since it aired on TV back when I was a teenager. For some reason it popped into my head yesterday and I decided to see if I could find it online. According to the person who posted it on YouTube, it was made by WTBS in 1987 for its Saturday Monster Movie, which sounds about right.
Now I really want to create an updated version of this, with Tom Cruise and Val Kilmer competing to see who the best pilot is when in actuality they're both about to be pwned by Rodan.