It's certainly possible to do micro-budget action. These guys are doing it:
http://thestuntpeople.com
This is the trailer for their recent second feature, "Death Grip", budget under $100k:
https://www.youtube.com/watch?v=9yFnYFZqdGY
No car chases or explosions, etc. Light on the gunplay, heavy on the fighting. Very heavy on the fighting, because it's the one thing in action you can really do well without a big budget - if you've got the skills & time.
But here's the thing H44 - just because they can do it doesn't mean you (or anyone else) could. You see, they didn't decide to make action films because they thought it might be easier than horror.
They make action films because they are huge fans of action films. Such big fans that they were inspired to go out and learn martial arts, and gymnastics, and fight choreography, so that they could emulate the action they liked. They've trained for years to do that stuff - and that was before they started learning filmmaking so they could translate what they'd learned on to the screen. So then they spent years making short films just to figure out how to make it work before making their first feature... and then another five years of practice, shorts, improvement, writing and saving before they made Death Grip.
So the question isn't is it possible - it's are you passionate enough about action to spend a decade or more learning how to make ultra-low-budget action films?
A lot of action fans complain about how movies like 2 Fast 2 Furious had CGI cars. However since that movie was a multi-million dollar one, and the one I wanna make a micro, would action fans therefore be more forgiving, with much more limited resources?
There's one other aspect to what they do that's important - they aren't just trying to do 'action'. Because they're such big fans of classic action and martial arts films they're unhappy with the way hollywood does fight scenes now - shaky-cam, fast cuts, wires and cgi. Their goal isn't to do hollywood-style action on a low-budget, their goal is to do better than hollywood, period - and they do. Their writing, acting, cinematography, etc is all good - not academy-award winning, but good enough. Their fight scenes are better than anything I've seen in a hollywood film in years. Movies like The Expendables make me wish they'd get the Stunt People to choreograph, shoot and edit the fight scenes, because as it is now they waste the talents of actors who can fight well like Li and Statham.
So the answer to your question is sure, action fans will be more forgiving if your budget is low. They'll be more forgiving of acting, writing, etc - but not bad action. That's what they're watching for, that's what they're passionate about. If you're passionate about it too, and can deliver better action than hollywood can on a micro-budget, then you'll get the action fans on board.
But if you're thinking you'll take a few martial arts classes and then make an action movie because it's easier than a horror film you're going about it all wrong.
Stop casting about for what you want to make. Figure out what you're most passionate about in film and pursue that relentlessly. Then figure out how it could be done better, and do it - and then you'll win over the fans who are passionate about it as well.