Dr. Shrinker was Sid & Marty Krofft's left-handed homage to the horror B-movies of the 40's & 50's, as part of the Krofft Supershow. Unfortunately, it lasted just one season, and was replaced by Magic Mongo in season 2.
Shrinker (Jay Robinson, "Train Ride to Hollywood") and his sidekick, Hugo (Billy Barty, fresh from Sigmund & the Sea Monsters) take three young people who crashed on their island and shrink them down to virtually doll-size, which recalls "Dr. Cyclops". The idea is that Shrinker wants to sell the kids to a foreign power. I can't see what that would amount to, but then again, a lot of things in the Krofftverse don't make sense years later.
Dr. Shrinker marked a rare on-camera gig for voice acting vet Ted Eccles, who might be better known for his work on The Herculoids and The Three Musketeers. Co-star Jeff MacKay would later star on Tales of the Gold Monkey in the early 80's, while Robinson made the guest star rounds in primetime, including Buck Rogers in the 25th Century.
The cheesy production values hurt Shrinker big time, but if they wanted to remake this show, they now have the technology to make it work.
Edit: 2/21/15: We now have a sample episode available. Here's "Pardon Me, King Kong":