About 180 people were greeted with red carpet, hay bales and a photo shoot, much to the delight of the film's Dunedin-raised, Wellington-based director.
"This is the South Island premiere. It's massively important to us because this is the closest city to the region it was shot [Central Otago].
"We are thrilled to bring it down here. I'm really excited to be here," Mr Wallis said.
The film, which debuted in Wellington this week, acquired the description "pavlova Western" for its New Zealand take on Italy's spaghetti Westerns.
As a child on holiday in Central Otago, Mr Wallis dreamed he was out in the Wild West and he spent the past six years transforming those dreams into a film.
The movie, starring New Zealand actors Inge Rademeyer and Cohen Holloway, had post-production backing from Oscar-winning The Lord of the Rings: Return of the King editor Jamie Selkirk. The score was written by composer John Psathas, who was chosen to compose the music for the 2004 Athens Olympics.
Good for Nothing was also the first self-funded New Zealand film to receive a theatrical release in the United States.
"We are really proud of the landscapes. It's showing New Zealand in a way it has not been seen before and we really hope people from Otago will get in behind it," Mr Wallis said.
It opens in cinemas across New Zealand on Thursday.
