The field of meta-physics or "ghost studying" if you prefer is actually one of the more interesting fields out there. While unproven and with a very high chance of "hauntings" being explained, the occasional event that defies any explanation is quite thrilling. So it doesn't surprise me that the director or whoever was in charge of the the story was fascinated by this field.
It doesn't change the fact that it's a piece of crap.
Frankly the only reason this film didn't haunt the participants was due to the mercy of film obscurity that lasted for 30 years. The only person who truly suffered was the unlucky person who found it and watched it in it's uncut glory. By "uncut" I mean without the MST3K commentary. Definitely one of the funnier episodes of the late Comedy Central era. The funniest part has to be the scream uttered by the woman who finds the body. Definitely one of the funniest screams that I have heard.
If you want to learn more about meta-physics, I suggest the series "Ghost Hunters".