The movie revolves around Mike Pearson, who still remembers that tall killer who rose up from the grave and bleeds mummification, and tried to kill him as a boy one day. It's very bad memories, as he was released from a psychiatric hospital. Now, Mike continues his journey to stop the evil guy trying to cause terror everywhere.
I don't know whether you could accurately call Phantasm II "good" or not, but as a gore-filled piece of '80s horror with a premise unlike any other in the genre, it's completely enjoyable.