That's the way many of the weekly wrestling shows were done in the 70's & 80's. Georgia Championship Wrestling, Mid-South, Mid Atlantic, Championship Wrestling from Florida... All were done in small television studios that could barely hold 100 people. They were odd confines but kind of quaint also. Generally speaking the fans were so close to the ring (at least on 3 sides) that wrestlers weren't often tossed out of the ring. What's surprising is how noisy a small crowd like that would be... And of course the noise level would be helped by announcer(s) getting more loud themselves as the level of action picked up.