I think Fred Olen Ray is a cool dude.
By now he's directed and produced dozens of low budget action/horror/sci-fi flicks, and this was only his second one and his first "real" production.
While this is not a comedy as such, you can't take most of Fred's productions seriously in any way. They are just good old fun, silly movies like they used to show at the drive-in theaters back in the 1950's and 1960's.
Taken on that basis, I found the Alien Dead to be a fun way to waste 90 minutes, and old-timey movie star Buster Crabbe does a great job as the old coot.
An enjoyable bad movie. Since most of these comments were left here, this movie has come out on DVD. The DVD is well worth getting, and includes an informative commentary track by Fred himself...this commentary track is required listening if you are an aspiring low budget and/or horror film maker yourself.