First of two Hollywood movies in about a year with the wording "Honky Tonk" in the title. The second was Clint Eastwood's Honkytonk Man (1982) though the phrase there is spelled differently in that title.
The movie was nominated for a Golden Raspberry Award at the 2nd Ceremony in 1982 for Worst Original Song for "You're Crazy, But I Like You" but it did not win with the Razzie going to the song "Baby Talk" from Paternity (1981).
During the scene where the orphans are being shown the petting zoo, a crew member or the director can be heard giving the cue to "Scream! Scream! Ricky!" as the children become afraid of the white horse they've mistaken for "Ricky the Carnivorous Pony."