Hey, speaking of Ned Kelly, Mick Jagger was perfectly awful in that movie!
I guess the more recent version of the B movie is the straight to video movie. King of these: Bruce Campbell, for the "Evil Dead" movies plus others. He's had TV roles on Hercules and Brisco County, JR., and is actually in the new Spider Man movie (take a good look at the wrestling announcer). But he's basically a B level actor.
Another one would be Jeffrey Combs, who started off in bad horror flicks like "Re-Animator," and graduated to playing recurring alien baddies in Star Trek shows, especially Deep Space Nine. A great, scenery-chewing ham (which you need for some of those rubber mask roles).
Both of these guys transcend badness,though, because they have a certain flair and personality, rather like Errol Flynn (though in different ways).