I really don't see the point of a mod like this. Because of the long reload time, you'll pretty be a sitting duck reloading until you can fire again, which will get you killed rather quickly. However, I do suppose it could be good for taking a good chunk of HP from a single enemy, such as the super spy or possibly an infected. Overall, I don't think this mod is worth its trouble, but hey, whatever floats your boat.
Edit: On top of that, if you find a way to make it have no reload, or just instant respawn, the possibilities are endless.