Meh. I don't find it awful or anything but I wouldn't wear it.
I get the joke but I just don't find it new, interesting or in anyway unexpected. And to me, that is sort of the essence of funny. It's like the same old knock-knock joke you've heard a million times. And because of that it sort of says to me, "I'd like to wear a bra as a top like Sue Ellen Mischke but I don't have the guts".
And of course as fashion it's not really attractive.
Lynne's bag, OTOH, is cute. It's funny!