I guess it wasn't entirely the filmmaker's fault though. The film suffered from the unimaginably stupid decision to tell Clayton Moore (who had done the role in the 1950's and was the Lone Ranger us old folks grew up with) he couldn't wear the mask in public. Now mind you, the poor guy wasn't making all that much money doing so, and it wasn't like he was going to take anything away from this film, but the whole thing seemed... gratuitous.
The other thing the film suffered from (besides a leading man whose voice was so awful they had to overdub it) was that fact that Westerns weren't so hip in 1981. John Wayne was dead and we had just been subjected to a decade-long major liberal guilt trip about how the west was built on genocide of the Native Americans. (That and Blazing Saddles sent up the whole genre! The Campfire scene. Enough said!) Hollywood shied away from Westerns, because Science Fiction was COOL then.
The one scene that underscored it was when after rescuing the drunken President Grant (and seriously, I'd have let Grant stay with the bad guys. The country would have been better off!) Grant asks Tonto what his reward should be "Honor your treaties with my people". Yeah, right, like THAT was going to happen!