Yes, I agree, but if it's a temporary action (for a limited duration), the present progressive/continuous would be a better choice: I'm cycling badly after a few drinks.
Most people wouldn't actually say "I xxx badly". They might say "I can't cycle well" or "I'm not a great cyclist". The exception to my first statement regards languages. I regularly precede a poorly-constructed Spanish sentence with "I'm sorry. My Spanish is very bad/I speak Spanish very badly" (in terrible Spanish, of course).