My favorite PSA from the '80s was a warning against perscription drugs. While not exactly Reagan hysterics, it's definetly a classic. It featured three colorful pill puppets singing a song about the dangers of taking random pills.
The song:
This is serious.
We could make you delirious.
You should have a healthy fear of us.
'Cause too much of us is dangerous.
You may recognize it from a Busta Rhymes song which references the commercial.