I made a crappy black and white vampire movie around the same time. Yet this is the first time I have heard of this film. My decision to use black and white had more to do with effects and mood.
It's pretty cool what they did. It makes me sad that I didn't think of making my movie silent except for music. That would have been great!
The dancing is just so weird but it still works somehow.
BTW this is part of the 10 best vampire movies article.