I think I might have figured it out...thanks zwoti for prompting me to look up Christopher Lee...he (barely) played in a movie called "Funny Man" that came out in 1994. It fits perfectly, but I can't find the original movie poster...but I'm pretty sure that that's it. This makes me really happy :).
So anyways, if you're looking for a jester/clown movie, this might be a good one. If anyone knows where I can see some kind of promotional poster that'd be cool...I saw the cover of the box though and it looks spot on.

- John