The album cover was designed by Rodney Alan Greenblat in 1986:
http://en.wikipedia.org/wiki/Rodney_Greenblat
http://whimsyload.com/

The type looks very familiar, but I haven't been able to ID it. I sent Mr. Greenblat an email, and will let you know if he responds.

It is an actual typeface, according to Mr. Greenblat, but no name was forthcoming.

I'll open it up to the rest of the forum; someone is bound to recognize it....

EDIT: It's Filmotype Metro, seen here:
https://www.flickr.com/photos/28813954@N02/9142381025/in/album-721576343...

It doesn’t appear to have been digitized yet....