How bad is it? It looks like it was shot by guys trying to entertain themselves.
Should you see it? Yes. It was impossible to find, but is now on YouTube. [I doubt they'll complain.]
As far as I can tell, there was in real life a summer camp in Michigan called the Black River Ranch, where the workers made a series of short films meant to be entertainment for less-than-discerning children. This one is mostly fat jokes and country bumpkin jokes (one character's name is "Sleaze!") and it moves along briskly for all of 48 minutes. The monster doesn't show up until two guys try to steal horses and they get strangled for a full minute and then the monster's sort of forgotten about, as are the dead guys. Believe it or not, it's charming in its way.