I still have that movie on VHS somewhere. A-Ko was the red head, B-Ko was the blue haired one, and C-Ko was the annoying blonde who followed A-Ko around everywhere.
Here's a pretty accurate summarization of the series (think there were 3 movies) I found on IMDB : Project A-ko is the typical love triangle of three school girls and their confrontations with aliens, giant robots, and women who look like burly men.
It's basically a spoof anime that spoofed everything. Martial Arts, tenticles, anime chicks wearing barely anything and nothing at times, big robots, etc. If you saw other old animes like Gal Force, Gundam, Macros, etc. you would find project A-Ko pretty funny.
here's a link to a really bad midi of the theme song :
http://www.zuhlcity.com/header/pako-gm.mid