SILLY COSTUME, SO-SO ACTION IN COMIC-HERO `PHANTOM'.

Byline: Bob Strauss Daily News Film Critic

Like the Shadow and the Green Hornet, the Phantom is a Depression-era costumed hero who hasn't quite captured the imaginations of succeeding generations. True, Lee Falk's comic strip still runs, six decades later, in a number of newspapers, but say ``Phantom'' today and most people think you're talking about some Andrew Lloyd Webber musical.

So, in a typical Hollywood attempt to capitalize on such hip hero movies as ``The Mask'' and ``The Crow,'' the vaguely recognized ``Phantom'' brand name has been manufactured into a film. It's not bad, but it's not much; period production values are good, stunts are so-so, pacing is poky, tongues are kept adequately in cheek. The jungle avenger's purple costume looks very silly, and there are pirates. Eight-year-olds who haven't watched too many Batman and Indiana Jones videos may find it cool.

The Phantom (Billy Zane) is the latest in a line of white guys who've kept order in some tropical jungle for 400 years. When one gets too old to look good on a horse, his son takes over, leading the local tribes to dub their benefactor the Ghost Who Walks.

But by the late 1930s, the Phantoms' traditional nemeses, a load of buccaneers called the Sengh Brotherhood, have been augmented by rapacious Americans. Rich New York monomaniac Xander Drax (Treat Williams, with a Clark Gable moustache and an unthreateningly squeaky voice) is out to collect three jeweled skulls that, when put together, will give him the standard, mystical Power Beyond Belief.

Basically, the Phantom has to stop him, while saving the rich-but-feisty lady he loves (Kristy Swanson) from Xander and his fedora-wearing (James Remar) and British dominatrix (Catherine Zeta Jones) henchpeople.

Though ``The Phantom'' strip predated both comic-book adventurers and Steven Spielberg action attractions, the movie plays like a slack grab bag of elements from those sources (screenwriter Jeffrey Boam worked on ``Indiana Jones and the Last Crusade'' - harder, evidently, than on this one).

Secret lairs, great old vehicles, jungle escapes - they're all here, and enjoyable enough for stuff that never gels into anything really exciting. Director Simon Wincer (``Free Willy,'' TV's ``Lonesome Dove'') never gets the film's jokey tone to effectively fill the space between indifferent action sequences, either.

Still, as half-hearted exotic adventures go, ``The Phantom'' has it all over last summer's wretched ``Congo,'' since it actually is fun in spots. Maybe ``Phantom's'' producers' real eye was on that undiscerning ``Congo'' crowd, and not the audience that appreciates the craftsmanship of Spielberg or the dark, compelling mysteries that keep the great comic-book heroes forever young.

THE FACTS The film: ``The Phantom'' (PG; violence, language).

The stars: Billy Zane, Kristy Swanson, Treat Williams, Catherine Zeta Jones, James Remar.

Behind the scenes: Directed by Simon Wincer. Written by Jeffrey Boam, based on Lee Falk's comic strip. Produced by Robert Evans and Alan Ladd Jr. Released by Paramount Pictures.

Running time: One hour, 41 minutes.

Playing: Citywide.

Our rating: Two Stars.

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Photo: The Phantom (Billy Zane) and his lady love (Kristy S wanson) gallop through the jungle in ``The Phantom.''