We had three correct answers, so the winner was chosen at random. And he is...Jack C. Dolph of Dallas:
"That film was a 1981 release entitled Force Five. The stars (?) were Joe Lewis (not the fighter), Pam Huntington, Richard Norton, Benny 'The Jet' Urquidez, and 'Master' Bong Soo Han (Billy Jack's karate stand-in). The director was Robert Clouse, director of Enter the Dragon."
Additional information came from Brandon Luna of Addison, Texas:
"It starred kung-fu reject Jack Ryan of Kill or Be Killed fame.
"The one who said the line 'Thank God for Black & Decker' was not Ryan, though. It was Richard Norton.