This work presents a systematic approach to determining the significance of the individual factors affecting the analytical performance of in-situ film electrode (FE) for the determination of Zn(II), Cd(II), and Pb(II). Analytical parameters were considered simultaneously, where the lowest limit of quantification, the widest linear concentration range, and the highest sensitivity, accuracy, and precision of the method evidenced a better analytical method. Significance was evaluated by means of a fractional factorial (experimental) design using five factors, i.e., the mass concentrations of Bi(III), Sn(II), and Sb(III), to design the in situ FE, the accumulation potential, and the accumulation time. Next, a simplex optimization procedure was employed to determine the optimum conditions for these factors. Such optimization of the in situ FE showed significant improvement in analytical performance compared to the in situ FEs in the initial experiments and compared to pure in situ FEs (bismuth-film, tin-film, and antimony-film electrodes). Moreover, using the optimized in situ FE electrode, a possible interference effect was checked for different species and the applicability of the electrode was demonstrated for a real tap water sample.