In the early 70s Welles reportedly turned down some offers to direct Hollywood films cause his irregular sleep habits wouldn't let him conform to Hollywood's rigid assembly-line schedule. Given that, he probably wouldn't have been up for a TV series either, which by most accounts requires even more discipline. It's probably just as well. My guess is that a recurring lead role on Fantasy Island might have done a lot more damage to his rep then a one-time appearance on Love Boat.
Back to Jaglom for a second. Giving it some more thought, does anyone else find this somewhat implausible?:
I didnt have my little tape recorder in my bag that day, the one that was forever recording our lunches. He had suggested two years earlier I hide it from him so it wouldnt make him self-conscious but keep it on at all times. He said it would help down the road, when I write my autobiography.