isn't NO legislation better than BAD legislation?

No legislation is always better than bad legislation and good legislation is always better than either no or bad legislation.

The important thing to remember is the purpose of law. This sums it up nicely so anyone with the ability to reason can tell the difference between good laws and bad laws.

"What, then, is the law? It is the collective organization of the individual right to lawful defense. ... since an individual cannot lawfully use force against the person, liberty, or property of another individual, then the common force -- for the same reason -- cannot lawfully be used to destroy the person, liberty, or property of individual groups. ... But, unfortunately, law by no means confines itself to its proper functions. And when it has exceeded its proper functions, it has not done so merely in some inconsequential and debatable matters. The law has gone further than this; it has acted in direct opposition to its own purpose. The law has been used to destroy its own objective: It has been applied to annihilating the justice that it was supposed to maintain; to limiting and destroying rights which its real purpose was to respect. The law has placed the collective force at the disposal of the unscrupulous who wish, without risk, to exploit the person, liberty, and property of others. It has converted plunder into a right, in order to protect plunder. And it has converted lawful defense into a crime, in order to punish lawful defense." -- Bastiat

Lets see here:

1) no legislation regarding murder; or

2) legislation making it illegal but putting the max penalty at 5 years in medium security.

Hmmmm.....no, I'll take bad legislation every time. It can always be changed and/or amended over time.

Yes

frequently, yes.