I'd come across it earlier today in my rounds in the blogosphere and I immediately wondered if Zucker REALLY did it -- and also how he got it out so quickly. A Google search (the lazy man's version of research) revealed this site by a makeup artist who worked on two David Zucker spots, both of which feature a Madeleine Albright lookalike. The first is from 2004 and was done for the L.A. Club for Growth.
The second -- the one which Drudge is getting hot and bothered about -- was shot in August, which was after North Korea's July missile test, thus allowing the spot to seem so timely.
According to Drudge, no one at the RNC wanted to touch the spot. Or, maybe, they figured they could just leak it, let it make the rounds, get the benefits, all the while not having to claim ownership of it.