How bad is it? Even writer Godfrey Ho didn't put his real name on it.
Should you see it? Yes, but don't expect to understand what's going on.
Three graverobbers take a swastika from a coffin, then a vampire attacks a bathing girl, a man eats dog soup, a man gets saved by a fast turtle, falling in a pit leads to the introduction of a Shaolin master who taught the vampire but now walks on his hands because he can't get out of the lotus position, there's a bunch of either dream sequences or flashbacks... eventually a pitchfork to the head kills the vampire.
That non-sensical non-linear description fits the film. It's just a bunch of odd action.