All the films in the franchise, Phantasm, Phantasm II, Phantasm III: Lord of the Dead, Phantasm IV: Oblivion and {Phantasm: Ravager) have their merits.
Sure, I started with Phantasm but I couldn’t find a copy of Phantasm II.
I feel this way because, for example, the Reggie we see in Phantasm might be wholly different in Phantasm III: Lord of the Dead.
There is a lot here that foreshadows the direction of Phantasm IV: Oblivion and Phantasm: Ravager.