Children Shouldn't Play With Dead Things clearly had a microbudget, and they did SFA to circumvent it. Even so, I consider it some kind of masterpiece, though I doubt many would agree with me (perhaps I should say masterpieces, as a totality it was more of an interesting failure). I think it worked, because the plot was about a deranged wannabe film director and his little troupe of wannabe film stars, whose dabbling in necromancy goes horribly wrong.
Just looked it up. I'd been confusing it with Who Can Kill a Child? which I wouldn't classify as a masterpiece by any stretch of the imagination. I've not seen it - I'll give it a look.
"We all have flaws, and mine is being wicked."
James Thurber, The Thirteen Clocks 1951