I mean, we know this is bullshit, but this really demonstrates how cynical we've become as a fanbase.
A couple of things came to mind when viewing this auction.
1) What are the odds that in 1978 before the advent of affordable VCR's, that this guy's Dad recorded it directly from TV with an 8mm camera? Perhaps the seller cannot tell the difference between 8mm and 16mm.
2) The format he's chosen to sell the item (ie: the auction layout) costs money. Usually bullshit sellers do their best to not incur fees. Of course, this does nothing to prove or disprove the validity of this item. Just an observation...
3) Everyone starts out on Ebay with zero feedback. Just because he has a zero doesn't mean he's mis-representing the item. It is a very odd thing to claim to possess if it is, in fact, a fake.
This item has generated enough interest that I can safely say it will sell for a large amount of money. Should it prove to be a fake, this seller will have a hard time getting away with taking someone's money. He has a PayPal account, which needs verification of address and bank account which kind of adds to his credibility.
If it is real, as I said above, it could be a case of dear old Dad just setting up the camera in front of the TV. If it is fake, well, this guy will be in a lot of trouble.