If One Can Overlook...
...Hugh Herbert's irritating giggles and Alan Jenkins' histrionics, this is not a bad little comedy/mystery. There are many, many changes of focus, but the ending of the film explains them all quite nicely.
I thought the revealing of the true identity of "The Octopus" was genuinely scary. When I was a small child of about five (many, many, MANY years ago) I remember watching this film* on our old black-white DuMont TV. As I child, I understood some of the humor, but for the most part it scared the dickens out of me.
*or one very much like it. Not knowing the title, I had searched for over fifty years (yes, you read that right) for the film but it was only when I actually SAW "Sh! The Octopus" that I realized the two films were one and the same.