How bad is it? It's interminable and terminally self-indulgent.
Should you see it? Not really.
I've recently discovered the films of Tex Watt and now I'm watching crap like this film and "Nosferatu vs. Father Pipecock and Sister Funk." It looks like he's going to be this generation's Nick Zedd, for what that's worth. This is 2 1/2 hours of meandering subplots and layered sound effects and filters. There's a 10 minute intermission of unrelated toplessness. There's gangsters and hitch-hikers and FBI agents and country hicks and TV reporters and Dracula. The titular character is an acid-scarred teenager, but she's not the focus of the film. There's a bank robbery gone wrong, a beaten landlord, a sorority with a graveyard that's actually a whorehouse... well, there's a lot of stuff going on, but none of it's very interesting. The film ends with a long rampage and carnage, if you make it to that point.