I felt Bloodlust rocked in many ways, with nice animation and design work and a pretty decent pursuit plot (though as it's an action plot, so don't expect Tolstoy).
It's hard to descibe, but I felt that the original Vampire Hunter D movie had a certain heart to it that Bloodlust lacked, however. Maybe it's simple nostalgia, or the fact that it was (according to Wikipedia (!)) 'one of the first anime films released outside of Japan'.
I'd say they're both worth renting, and if you're a fan of action, quite possibly worth owning. Dark Horse Comics' prose department is in the process of translating the original novel series too - you can get 'em off Amazon. I've read the first one and it's an interesting read.
Not great literature, and it suffers from a translation which falls between the two stools of modern, readable English and faux-Medieval English, winding up with an uncomfortable mixture of the up-to-date and the out-of-place. But Hideyuki's slightly madcap original concept - sci-fi/vampire/western mashup - shines through if you're into that sort of thing.