I quite liked the concept of this episode, it's easily my favorite part of it. I liked that they could find a way to work around the obligatory fact that SpongeBob will never get his license by having this new tutor, while seemingly the key to success at first, slowly but surely's found to be a bad influence that only leads to reckless behavior. It's like a celebrity crush when some girl loves one's music and have him be his idol for the next few months to later find out he's a complete douchebag in real life, and I think it allowed for a strong and entertaining story.
In practice, though, this episode kinda sucked. It wasn't interesting outside of the concept... I can hardly recall any of the jokes, Tony Fast jr. fits all the bad boy stereotypes without building on it, and from start-to-finish it felt planned and predictable. I could tell that it would be that kind of story from the get-go and it didn't surprise me at any point, beyond being better than the norm as a whole.