The character Simon Trent who played the Gray Ghost on the old TV show is voiced by Adam West who played Batman in Batman (1966). The plight of character Simon Trent is a close parallel to real-life actor Al Hodge, who starred in the popular 1950s TV show Captain Video and His Video Rangers (1949), but died in 1979 in both poverty and obscurity. Bob Hastings's younger brother Don Hastings played Captain Video's sidekick the Video Ranger on the series.
In the last shot of Batman and the Gray Ghost, their silhouettes, as seen by the flames, reflect each other.
Ted Dymer, the Yestertoys shop owner, was voiced by Batman: The Animated Series (1992) animator/producer Bruce Timm, and was based on Timm's look as well.
Supposedly, when he was done with the episode, Paul Dini and Bruce Timm handed Adam West (instead of scale wage) a $25,000 check and the original Batman costume- which Dini bought for an "undisclosed sum" at an auction.
When Simon Trent opens his closet to retrieve a reel of an episode of "The Gray Ghost", one of the film canisters is labeled "Dr. Death". The character Dr. Death was the first ever reoccurring villain in the Batman comics. Another episode is titled "Terror in the Sky" which went on to become the title of Terror in the Sky (1992). There's another episode entitled "Gray Ghost Returns", an obvious reference to the comic book The Dark Knight Returns and film Batman Returns (1992).