While this is super, super low-budget, Bloodstream is a British movie with a lot of heart. A simple tale of revenge made unique by the splicing in of whatever random horror clips the protagonist happens to be watching at the time. What makes it better is that the in-universe gore is pretty damn good too, especially for a film shot on Super 8mm. While the quality may scare many away (think British Nathan Schiff), I found this obscurity totally worth it.
Have you happened upon this bloody British slasher?
(http://fight-evil.com/movies/years/1985/361-1.jpg)