How bad is it? Very typical nerds-and-boobs comedy, somewhat worse than standard.
Should you see it? If you think "Porky's" is the apex of cinematic art, maybe.
There were a slew of films in the 80's that were lowbrow "Tits n Laffs" comedies, hoping to glean a few dollars from teenage boys. The plot revolves around a stolen term paper and the resolution is... finding it. There's some stellar overacting by one actress in a neck brace, but the supposed hero of the film is unlikeable, there's a five minute dream sequence with toplessness early on that makes one hope for more that never comes and there's just nothing of substance or style.