No. Abba was not involved. The guy behind this was a sound technician who worked with Abba. He's one of the first really competent swedish studio musicians, and that talent mainly went into funny voices and silly songs.
I always wanted to play it because it had Tenchi and A-ko characters, but I could only really afford to play one card game and I was already pretty invested in BattleTech.
I only saw a friend's Dragon Ball Z Ani-Mayhem deck, plus some webpage for a fan's MST3K-themed cards. It just sounded so dorky I couldn't resist, but I don't think it's around anymore.
As for El-Hazard... I just can't get that image of the little lesbian girl getting all hot over the boy in drag who looks like her girlfriend.
The only thing I remember about that series is the line VOTE FOR ME OR GO TO HELL!!! Also I hate youtube music videos in general but I loved the hell out of this.