I don't think the show is necessarily THAT offensive, for what it's worth. Yes, the depiction of the child's physical appearance is stereotypical of the era (the child's name is problematic too), but the story being told is that of a young child from a hunting community who is learning to hunt by terrorizing insects with his spear until he runs across something (a lion with false teeth) that makes HIM the prey. The lion is just unlucky because he keeps running into the Minah bird whenever he's actually got the child in his grasp.

What's sad about the racist aspect of the show is that the depiction of a child at play in this show totally mirrors the behavior of children when they get a bug catching net. It's a Merrie Melodie, so there's no speech or inner monologue that is forced upon all children's shows day. Just a kid being a kid.