On this tape, the Thief has been taped over another movie, which is timecoded but not on the picture. At the end of the tape you see the end of the other movie, which has some adult material in it. An IMDB search shows that the film is called The Hour of the Pig (aka The Advocate) starring Colin Firth.
Here's something ultra rare for you:
http://www.youtube.com/watch?v=bVYQSI9Xhho
The Allied Filmmakers trailer for the film.
I'm not sure if this trailer was ever used or released. From the clips shown, it refers to the rare Australian version of the film, normally known as The Princess and the Cobbler. On the same VHS tape was a copy of this cut of the film, with the "Thief" title on it instead. Fred Calvert's version of the film, the "Princess" cut is definitely not what Richard Williams intended, but is much better than what Miramax released as Arabian Knight/The Thief and the Cobbler.
Interestingly, this trailer has a shot of King Nod peeking out of a pink tent which doesn't appear in the released versions of the film - but was in Richard Williams' workprint.