I sure don't know much about them, nor am I a collector of the Wacky Patches. You're guess is as good as mine to what is going on here.
The copyright on them does say 1974 Three Fish Inc.
Just adding to the information already given. This was definitely a product trying to ride on the Wacky Packages success. There were 53 confirmed titles created and, based on several know variations of some titles, at least 2 runs were made of at least these variant titles. In some ways these patches were of higher quality, manufacture-wise, than the Wacky Packages were. More of an embroidered patch. As mentioned, they show a 1974 copyright. Hard telling when they were actually designed. Even harder to tell whether Topps got wind of these and thought it a good idea or the other way around since both seem to be released the same year.
Just my thoughts on the strange Wacky patches in the Daffy patches packaging... Over the years I have been in and out of possession of about 150 of the packaged Daffy patches. I have had several where the "blister" falls off fairly cleanly. I can see where someone could have done this quite convincingly if glued carefully, etc. I know of no commonality between the Wacky Packages and the Daffy packages in terms of manufacturer, packaging entity, etc. where this could have been done mistakenly. The Daffy patches were sold one patch per package so the appearance of two patches in one blister pack makes it's existence even more suspiciously constructed. It is a very cool conversation piece though.
As bigtomi noted, I am not pointing the finger at any one in particular. Have you dusted for prints?
