Nero's hair and sideburns in the Mercenary are pretty creative, to say the least. Kind of like something you'd see in a 70's aftershave/cologne commercial while watching the game on tv.
And don't forget Ty Hardin in Drummer of Vengeance. You can see his real mustache under the fake one. Granted, he's supposed to be in disguise, but who the hell would he really fool? And that jet black wig looks like the cheap one you buy for the Halloween party:
I have a theory that I wrote about in my upcoming review of Son of Django. FMQ - Fake Mustache Quotient, in that the lower-budget the film is, the higher the amount of and faker looking the mustaches are.