The only way things could have ended worse for the main character is if the last film of the triple feature had been "Manos: the Hands of Fate" and the final revelation was that his dad was the dude who played Torgo.
As a movie fan I appreciated the numerous references. A humorous meta version of this story with a jaded critic similar to the main character in Tobias Wolff's "Bullet in the Brain" making acerbic comments about the derivative horror elements would be interesting.