Holy poop, the picture just made me flash back to a hazy memory of one of these. Its even hard to tel if its an actual memory or some kind of instantly induced fantasy. The one in my memory never had neat hair like your finished product. It was always a crazy mess.
Another site has this to say about the item-
Turns out this guy, who's name is Slurp, was put out by a company called Spectacular Products (now called Princess Soft Toys). Apparently, this was their first product, back when the company was just starting. In all likelihood, he was hand sewn by one of the original six employees of the company forty-five years ago.
(Maybe) The Dorkiest Thing You'll See All Day.: Hipster Slurp Craves Imported Beer.
I also found a picture of smaller one with a box. Its called Le Petite Slurp. Its missing the bloodshot eyes but it has the same "I'm Slurp" tag and borg fur. Its also from the same company. Looks like the idea was that it was a toy you could comb or brush.-

Vintage Stuffed Toy La Petite Slurp IOB NICE (10/01/2009)
WANTED - Solid-Boxed WGSH's, C.8 or better.