How bad is it? Depends on how much you like Eddie Deezen and pointless nudity (not great).
Should you see it? It's one of F.O. Ray's better films; if you're a fan, go ahead.
This film's almost beyond criticism - it is what it is: an excuse for a few yucks and some nudity. Eddie Deezen's geek schtick wears thin quickly, but there are some genuine laughs to be had. He and two friends go to Hollywood in the hopes of becoming filmmakers. They end up at a bordello run by Britt Ekland (with Michelle Bauer among her girls), that turns out to be a front for vampires. Then there's a vampire hunt. Robert Quarry and Tim Conway Jr. have roles. It's goofy, it's fast-paced, it's very very lightweight and one brief shot got past the MPAA raters.