I see Five Deadly Venoms as a pretty well-made KF movie. It's actually story-based, as opposed to just fighting-based (although I like many of those types, too).

If I have a favorite guilty pleasure KF movie, it would have to be Enter Three Dragons. As a movie it's terrible, but, darn it, it's funny and entertaining. The idea of three BL imitators in one film, and the ridiculous 'story' and acting make it a must-see for lovers of 'so bad it's good' movies. It makes Five Deadly Venoms look like an Academy Award nominee.