The TVM must have been shown somewhere in the US, as I have seen a very poor quality video which came from there - I don't think it's ever been shown in the UK.
The TVM picks up where the movie left off, with McDowall very obviously enjoying himself as the Korean martial arts guru. There is obvious chemistry with Meek, who has sufficient martial arts training to carry the role (I read somewhere it was McDowall who requested he be given the part). Briefly, Chen is about to return to Korea when he realizes Remo fulfills the requirements of a prophecy. His efforts to toughen his difficult pupil, however, nearly lead to disaster.
The finished effort cannot be mistaken for anything but a TVM, although it entertains.