I just watched that a few weeks ago when i was on swords and sorcery kick. I agree with all your points about it's flaws but i still loved it. Unfortunately digging around i found very few other movies in the genre. If you're looking for animated Gandahar is decent, everything else i found was unwatchably bad. (Assuming you're already familiar with lotr (1978)) Love death and robots is probably the only other modern thing that comes close to scratching the itch. For live action if you're fine with pure cheese Sorceress (1982) is so bad it's good. If you find anything worth watching in your search let me know, i can't get enough.
I also read a bunch of the original Conan stories, most of them are actually pretty good.