I have never heard the looping story before, but the taxes story is well known.
Welles' was great in the final courtroom sequence.
In the Peter Bogdanovich book "This Is Orson Welles," Welles said that scene was two reels long and required all of his energy. He said it was shot in one take without cuts.
I have a VHS of it somewhere in the closet. I will have to watch it again.
Like you, I was interested only in Welles when I bought it, but I recall that Stockwell was wonderful in it.