Destined to freak you out!
Phantasm 4 is the best looking but most convoluted sequel yet and the insertion of outtakes from preceding films makes things worse. James Le Gros replaced A. Michael Baldwin in Part 2 and the franchise can barely afford to rely on our photographic memory at this point. The budget is much smaller, this time around, and it hurts the narrative to the point of annoyance.
It gets away with most shortcuts because it resorts to the dream gimmick and since it uses time travel as an excuse for backstory, courtesy of flashbacks and flash-forwards. The returning actors are getting their part right by now and are increasingly convincing despite a disjointed narrative and apparent plot holes. They juggle with wobbly dialog and vague concepts better than they used to.
This isn't the best addition but it feels coherent. It isn't exactly a prequel and it doesn't conclude the global arc either. Photo and make-up show improvement in places. New concepts are introduced and old ones are fleshed out. This is truly one for the hardcore fans and completists. As such, it is all one could ask for. This said, the mainstream audience will get lost in the specifics.