After following this link, and discovering the existence of Godzilla Island, I had to wonder how I never learned of its existence before. Subsequent searching found an industrious fan who has uploaded a substantial chunk of the series to a streaming site, sans subtitles, and I have found it to be even more glorious than I had imagined: based on the first two episodes, it seems that the monsters aren't even portrayed by actors in suits, but by action figures, wherever they can get away with it.

I still don't know why I never heard of this before.