Does it deserve cult status?

Absolutely not

It will go down as one of the greatest "So bad it's good films." There will always be a group of people who watch it just to make fun of how bad it is.

I don't think it does. The "so bad it's good" type movies, to me, are movies that sincerely think they are making a good movie and are trying to put out a good product, but they are so bad at acting and film making, it turns out terrible. In short, they put effort into it, so it's unintentionally funny.
Master of Disguise was made with little or no effort. Dana Carvey making faces with his mouth open for 80 minutes isn't funny. Fart jokes over and over. The SAME fart joke. No effort.
For so bad it's good, I'll take Troll 2, The Room, Dangerous Men over Master of Disguise any day