How bad is it? It's not even in the top 10 parodies of Blair Witch.
Should you see it? Just how badly do you need to see breasts?
Early in his career, I liked Jim Wynorski. His films, while juvenile, had a sense of fun; but now, his films are to "Porky's" what "Porky's" is to "Blithe Spirit." There's a lot of toplessness, but without the fun that you'd get in a Sidaris or Meyers film.
I hated "The Blair Witch Project." I really hated it. I saw it in a theater and walked out. Parodies of it are, therefore, not something to which I look forward and this is about the fourth I saw after "The Erotic Witch Project" which is better in every respect, except the title. Julie Strain is the Wench, which should say all one needs to know - her name's shown up repeatedly on this blog and never in a film I liked. Oh, right, plot... four girls in found footage search for legendary wench, whose proximity leads them to become horny. The forced humor doesn't work, the nudity isn't sexy, and there've been at least two sequels. Shame on you, Wynorski.