You can get another version of it from the shop which uses electric and some other type of ammo, so I think it can do more than just remove components.
Also, there are a myriad of ways in which you could structure the acquisition of new weapons. I think a more detailed crafting system would be good, encouraging you to hunt different types of creatures, dismember specific components etc, to get particular ingredients for particular weapons.
I think the weapon variety is fine for the first game, but man is it a pain in the ass that you can only have 4 equipped. Idk how many times I find myself wishing I was playing on a pc with 1 button weapon switches.