I think Ed Wood was a bad director. So many talented directors have made great films with tiny budgets, so I don't think that that can be used as an excuse in Wood's case. Of course, it didn't help his situation that he didn't have the resources that Lucas had, but even that wouldn't have made him a good director. At some point, any competent director would have stopped and said "wait a minute- this isn't going to work, this is horrible", but he didn't.

I will say that Lucas' direction on the PT comes a lot closer to mirroring Wood's directing than at any other point in his career. It would have been interesting to see what Ed Wood would have come up with, with a multi-million dollar budget.

I agree with zombie that GL isn't a great director, but a talented conceptualist. GL was much better off having other people flesh out his ideas for him. Unlike Lucas, however, Wood didn't even seem to have any talent in that department.