I saw the first one, having known nothing about it previously... I thought it was good, though you don't know about her being trans until the very end, and it seems to be played for shock value more than anything else. the big reveal on Angela's sexuality is the huge climax, rather than discovering her motives behind the murders - i wonder why the writers thought being trans was such a big deal? could it have something to do with the '80s being a different time? i can safely say that I wasn't expecting it though.
i remember feeling a bit confused, because you don't really get to understand her character as much as you'd like to - it's all presented very matter-of-factly. If you want a similar movie with more development I'd recommend Beyond the Valley of the Dolls - awesome music, fashion, and a surprising plot twist that turns it into a similarly themed horror film.
Enjoy, though!