Yup, it got made.
MegoMuseum posted this today on their twitter and well, it’s the same sort of Styrene masterpiece that the Enterprise Bridge was. It was released by Grand Toys in Canada mainly because they paid up front for their stuff, here is a boxed version (also from the MegoMuseum)
There are actually two Love Boat playsets and they look so alike that they cause confusion, this I believe is made by multiple toys and features smaller scale figures of the crew and passengers. From what I gather it’s hella rare too.
So the big question is, where the f*** are my Fantasy Island toys?