Tricky one.
I hate people messing with history. So I'll also take the "hope it crashes and burns" mentality as an initial reaction in cases like this. On the other hand, what if someone turns in a stunning individual performance? Or the effects crew wows with their work? Should they be screwed out of their accolade just because the film they were in is questionable?
As long as you don't portray something as factual, it's okay. Weave a story that was inspired by actual history, but don't let it be known what that inspiration was, make it a completely different story. Or make a straight up alternate history story that doesn't make ay pretenses about being a true stroy. I like alternate history stories a lot myself, change one little thing and open up a huge can of worms.
I can also get annoyed when they leave out "inconvenient" things. You know, like you'll have this great hero, but let's not mention that time he beat his daughter half to death in a drunken rage one night, and let's gloss over where he executed that prisoner just because he spat on his shoe. Let's keep his image squeaky clean. Just made that stuff up, but you get the idea I'm sure.
