There was a popular syndicated cartoon series called "Captain Midnight" that ran from 1966 to 1969, and a 1981 made-for-TV movie "Captain Midnight", but neither of those productions had a live-action television series component called "On the Air Live."
Could you provide more details about the show you're referring to? Perhaps you are thinking of a different show with a similar title or there was a local production that you are thinking of.