Boil the potatoes: Place the potato chunks in a large pot, cover with cold water, and bring to a boil. Cook for about 15 minutes, until a fork slides in easily.
Mash the potatoes: Drain the potatoes and return them to the pot. Mash with butter and milk until smooth, then season with salt and black pepper.
Preheat the oven: Set the oven to 375°F and line a baking sheet with parchment paper.
Prep the hot dogs: Pat the hot dogs dry with a paper towel. Push a wooden skewer up through the bottom of each hot dog, leaving enough handle to stand it in potatoes later.
Wrap with cheese: Round the corners of each cheese slice with scissors, then drape one slice loosely around the top half of each hot dog like a sheet, leaving the bottom third uncovered.
Arrange on the pan: Lay the wrapped hot dogs on the prepared baking sheet, spaced apart so the draped cheese doesn't touch its neighbor.
Bake until draped: Bake for 8 to 10 minutes, until the cheese softens and slumps over the edges but hasn't fully melted off the hot dog.
Cool slightly: Remove the pan from the oven and let the hot dogs sit for 2 minutes so the cheese firms up just enough to hold the eye dots.
Add the faces: Dip a toothpick in the yellow mustard and dot on two eyes per ghost. Add a few black olive slices nearby for headstones if using.
Plate and stand: Spoon the mashed potatoes onto plates in low mounds, then stand each hot dog upright in the potatoes like it's rising from the ground. Serve right away.