It takes place in the same continuity as Bakuretsu
Hunters, though it doesn't share any of the same
characters.  Basically, it's about a different
group of Sorceror Hunters.  The main character is
a real bastard (in fact, very reminiscent of Dark
Schneider in looks and tone) who is constantly
mistreating his assistant (literally puts her on
a leash and collar, forces her to strip to
support him, etc), so if that sort of thing
bothers you, you might not want to watch it.

I thought the animation was generally well-done
while the story was ok.  It was worth watching,
but I don't know how much rewatching value it has,
so if you have the chance to rent it, you might
want to do that first.