If he's describing himself that way, I wonder what made him accept that he is/was a two-bit villain? A lack of competent hero's, like Wiglaf, acting against him? And from what we've seen, Mordred hasn't exactly asked Wiglaf to do more than clean up his and Driver's apartment, so I can't say that this plan is the epitome of villainy.

...Actually, the most heinous part of Mordred's plan is that he's seemingly has Wiglaf take a holiday from being a Hero to be his Housemaid, allowing other's to capitalise on his distraction. That doesn't make you more than a two-bit Villain, Mordred. If anything, taking the role of the Hero's Distraction solidifies your place as a two-bit Villain, as that's one of the quintessential roles of a two-bit villain.