We were introduced to this routine by a family friend and whenever we need to change the tone or need some lightness and entertainment it comes in handy! Our 3.5 year old could learn how to do it herself which brought her so much joy and she finds it funny every time.
We used a tissue here for the mustache/hair bow/bow tie but in a pinch we also just use our pointer finger and it works just fine.
The dialogue is:
Villain (with mustache): Pay the rent!
Damsel in distress (with bow in her hair): I can't pay the rent!
Villain: Pay the rent!
Damsel: I can't pay the rent!
Hero (with bow tie): I'll pay the rent
Damsel: My hero!
Villain: Drats! Foiled again!