The fact that the rhymes, rhythms and incidents in this shaggy dog verse are deliberately outrageous does not make the whole thing amusing. Nor do the brightly colored comic style pictures rescue the low-camp melodrama about a down-and-out dog who struggles through life but is finally reunited with his old mistress, now grown and rich. ""I'm one of life's losers,"" says Shaggy Fur Face -- and who's to disagree?