The Sword and the Sorceror" (1981) starring Lee Horsley as Talon. Richard Moll was in it. Talon had a sword with three blades, two of which could fire like missiles. It was very B-rated, but for me is a classic B-rated fantasy movie right there with "The Beastmaster".
The long awaited sequel "Tales of an Ancient Empire" is said to be released this year (2010). Lee is even back as Talon. Check it out at this site!