Click on the links for the screen shots. They work!
I've been searching for three years for this film! I finally found the old Cartoon Network, Cartoon Theatre trailer that had two quick clips from it.
It was broadcasted on Cartoon Theatre between 1994-1995, and judging from the animation was made around the 1970s.
All I remember about the story was that the dudes in the screen shots gave people their dreams, but the bad guy wanted to kill dreams with nightmares, so the dudes wanted to stop him.