I see what you mean.....my only question would be, was Ed Wood EVER a good director? Most people would say no. Was George Lucas EVER a good director? Most would say yes. Some would argue that GL had the benefit of being around many talented people which is why American Graffitti and SW came out so well, while the PT was more under his control, so the films weren't as good (or maybe GL's abilities declined over the years).

If Ed Wood had been given the benefit of a higher budget (I think the SW budget was considered sort of mid-level, wasn't it?) and talented EFX people, set builders, costume designers, cinematographers, etc., (like Lucas did) would they have been able to help the film transcend Wood's lack of directing skills? Quite possibly. There's also the issue of the scripts, though....most of Ed Wood's films had terrible scripts, while Lucas' films (the early ones, anyway) had good stories.