This card does so much good stuff for you. I feel like this was originally an upgraded version of a hypothetical "Act of Desperation [0]" that never got printed, because it has so much text on it, and all that text is awesome. It's a great way to get a little more value out of items that have overstayed their welcome, whether that be firearms or investigating tools. I have not used this extensively in-color, but it seems like it plays very well with the Survivor ethos of recurring cards from their discard.
I mainly wrote this review because I want to highlight one very specific combo I have been using that's probably not that good but feels absolutely hilarious. Play as Mark Harrigan, take this card since you get rank 0 tactics, and use the Remington Model 1858 as at least a backup weapon. You get a nice two for one since you can use all the ammo out of the Remington, then play Act of Desperation, and the weapon ability lets you get one more shot out of it before the Act of Desperation resolves.
If you really want to double down on a combo that is more cute than good you can add some stuff like Well-Maintained to let the gun bounce back into your hand after your BS gun-fu (which lets you play it again, maybe in the enemy's face, and get another free shot when it enters), or Custom Modifications to really lean into your sub-par weapon (and you still get to use it on the last shot when the gun is discarded, since the reaction happens just before it leaves play. Sadly it doesn't help you on the Act of Desperation attack).
Anyway, I think this card is really fun and potentially worth playing in any deck that gets value out of recurring their discard pile. It's not broken, and probably not even great, but it is a nice little extra value card to fill out your deck. We are at the point in the game where "cute value card" isn't really good enough unless you're building a more casual deck, but keep an eye out for this one just in case that's your thing.