aka The Last American Hobo
How bad is it? Almost a home movie documentary. Very poor technically.
Should you see it? Fans of the cast should. It's been hard to find (whenever I say this, the film winds up on YouTube or gets a DVD release).
I saw this in the 1970's as part of a group of indie documentaries, so my memory of it is vague at best. Titus Moede (billed as Titus Moody), from Ray Dennis Steckler films, wrote and directed and has a role. Coleman Francis and Bruno Ve Sota also show up, so this was a rare weird meeting of several zero-budget filmmakers. The film shows stories of actual hoboes re-staged by actors and some footage of real hoboes (perhaps some interviews - as I said, my memory's not strong). It ends with the annual hobo convention in Iowa, complete with hobo stew and choosing a king/queen. It was made over many years and is very choppy in construction.