I know this hasn't been accessed in 2 & 1/2 years but since this episode of "That 70s Show" takes place in the summer/early fall of 1976,in the first season,the album in question should be "Summertime Dream".
Which as we all know Gord debuted two songs from the Lp on Saturday Night Live in May of that year.
Of course,since the "fro" was mentioned it could also be "Sundown" or "Gord's Gold".
I think it's one of those three for sure.