These movies are more properly classified as martial arts films rather than sword & sorcery films, but they qualify for the worst list:
Fist of the North Star: Some of the action was all right, but the rest of it was BAD. I don't remember most of the cast, except for one Costas Mandelor (sp?), who played the villain. Hey, how can you forget that name?
Circle of Iron: Miles O'Keefe and David Carradine played multiple characters in this turkey. Either the filmmakers had a tight budget, or most actors had the sense (or weren't desperate enough) to stay out of this one.