It's all a matter of taste.

Off the top of my head I can think of 7 that I have done and which have made an audience laugh.

Custard Creams - Les Barker

Mamma Fried - Peter and Kris Cady

Two Below - Peter and Kris Cady

The Dawning of the Day - Dead Horse

Gaudy Tree - Dead Horse?

Lord Franklin - Les Barker

All Around My Fat - Penny Ward

There are more, and I'll quite often get asked for the words, so there must be an audience out there.

There are a lot of bad parodies - they generally sink without a trace, but the clever ones just keep going. I think that you have to like the original song to enjoy the parodies. I'm always on the lookout for more good stuff, as seasoning among the more serious songs I sing.