Wally has been invited to join The Crusaders, a prestigious high school club for guys. Shortly after he joins the club will be putting on their annual play. This year it is a western, and Wally assumes it will be a bit part because he is new. But it's not exactly a bit part. He in fact has a big part with lots of dialogue and action. Why is this not a good thing according to Wally? Because he is supposed to play a saloon girl and wear a ridiculous outfit! You see, the Crusaders is an all male club, so the guys have to play the female parts as well as the male ones.
Wally is most un-Wally like here. Normally he is so stoic about whatever it is that life throws his way, but here he rants like he is five years old. Ward comes up to his room and offers a possible way out of this situation via a fable. The moral of the fable is to find a bigger fool - to make the part look so attractive to someone else that they want it and thus let him off the hook. Normally I would expect Ward to tell Wally to take this in the fun it is intended, but Ward is not acting like himself either.
So Wally goes looking for that bigger fool - enter stage left Eddie Haskell, who is just an extra in this play and thus only has two lines, but at least he gets to wear trousers! How will this work out? Watch and find out.
If Tommy Ivo, as Duke Hathaway, the popular head of the Crusaders, looks familiar in his one brief scene, you may know him as a very able drag racer in his post acting days. He raced until age 46 when he retired after breaking a record. He is still alive at age 88 as I write this.
Also note the bit with the desk lamp in Ward's study. Early in the episode Ward is trying to determine if the bulb has gone out. Later in the episode, the lamp is missing entirely. I wonder where that desk lamp went?