The Amazing Mr. No Legs, love that movie it's up their with For Your Height Only in terms of awesome
https://youtu.be/KAhDC63VH2M

From the title alone, this comes to mind... yeah it's nothing to do with what you're looking for, but i thought it was funny :P

Since you mention the "Flying Guillotine"; that remembers me of another scene, or better said: a certain weapon in one of these movies, I watched as a kid (mabe even the same, I'm looking for?)
There was that guy, who threw (or shot?) something like a huge shuriken (dimensions-wise more of a circular saw blade, actually).
The bit that struck me always as unrealistic, even as a kid, was the fact, that that thing actually "ate" itself into its targets, instead of just "sticking" into them. After making contact, it would rotate a few moments, and then returning to its user.
Man, I absolutely should have better memorized all these movie-titles. :)
Michael Winslow is ace. I love him since the "Police Academy" - movies. :)

Aah,...good old Cheech and Chong. :)

Slightly related, there is a game released recently:
http://www.slapsandbeans.com

For Bud Spencer and Terrence Hill. It's not very good though.

I found the movie! :D

After searching the net for the last few days, I stumbled over some site, where they streamed full asian movies.
I switched through their program, and - believe it or not: there it was - simply so.

Reading the movie's title alone, made my memory tingle.

Then I started watching it, and knew immediately: this is the one!

German name is:
"Ching - Das Geheimnis des schwarzen Schwertes"
(alternative German title: "Ching - Das Geheimnis des blutigen Schwertes").

(engl.:"Ching -the secret of the black (bloodied) sword")

Official English title:
"(The) Darkest Sword", 1970 /Taiwan

:o)

neat just found it on youtube.