Bowie was better when he hooked up with Bing Crosby. Although I don't think they pranced around on that one.
Looking back at the Dancin video, it really does look like a SNL parody. And they don't come off as very masculine with their moves and their clothes.
Now contrast that with Bowie's Let's Dance video:
Is Bowie really playing the guitar with white gloves? LOL
The original plan was to perform a track together live, with Bowie performing at Wembley Stadium and Jagger at John F. Kennedy Stadium, until it was realized that the satellite link-up would cause a half-second delay that would make this impossible unless either Bowie or Jagger mimed their contribution, something neither artist was willing to do.