yep it's legit as far as i know.. Bobby really had alot of plans for that character back then, it was the "In Stereo" album, he announced the instrumental version of that LP to be released soon after, he had this cartoon pilot, the "Domestic Violence" short movie on VHS and of course the "Bobby Digital" movie which was also supposed to be accompanied by a Bobby Digital soundtrack (completely different from "In Stereo").
funny thing though, i've been watching the late '90s show "MillenniuM" a lot lately since i bought all three seasons box set on DVD. in one episode in season 3, Emma is in a rough neighborhood to get in contact with her best friend who has real bad and down on heroin. in the background you could see several Bobby Digital "In Stereo" promo posters with the big 'W' and the Bobby mask, and over it said something like "Who is Bobby Digital?" and under "found out on [release date for "In Stereo"]. pretty cool poster actually