You could do it with a Rename Preset as well. It's just a Find & Replace rename from "_" to " ".
For converting . to spaces, excluding the last . in the filename, you need something slightly more complex. The multi-regexp rename vbscript I posted yesterday could be used for this, but you can also do it with a single regexp rename without resorting to vbscript:
Regexp rename from
^(.).(...*)$#
to
\1 \2
The # at the end of the search string makes it "global", which means it will keep replacing matches until there are none left, instead of just doing the first match. The rest of the pattern finds a . that has at least one other . somewhere after it and replaces it with a space.