Tarquin Fintimlinbinwhimbinlin Bus Stop F'tang-F'tang-Ole-Biscuit Barrel is indeed taken from the classic Monty Python sketch "Election Night Special", in which he is a candidate of the Very Silly Party. Other candidates include Kevin Philips Bong of the Slightly Silly Party, and a member of the Extremely Silly Party whose name includes whistles, tweets and snatches of song.
This type of party is a real phenomenon in Britain, where the Monster Raving Looney Party has been contesting elections for years. Sadly, its leader, Screaming Lord Sutch, committed suicide last year (1999).