Ricochet Rounds actually has a hidden range bonus that doesn't display on the stats (speculation is that it gives a bonus to Zoom as well as Range, which affects the minimum distance before damage falloff kicks in). So I believe that if you use Ricochet Rounds, it will actually out-range Halfdan by a decent margin.
HOWEVER; Then you can't take Alloy mag and the reload speed will be molasses. And let's be real, if you want to shoot stuff outside the range of Halfdan, you're going to be MUCH better off with Nameless Midnight than you will be trying to snipe with Loquitor.
You are also correct that High Impact Reserves is incredibly weak compared to Rampage, Kill Clip, or even Armor Piercing Rounds. BUT, it's the only bonus damage perk that works for Calus damage phase. So for that 1 niche circumstance, Loquitor will be better.
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Nice evaluation, I've thought the same thing, this was more of a stat rage than anything... After a bit of using it I've changed my tone... it is more stable and has better recoil direction, it's just that it could have been better without the 5 point difference in all its stats compared to the Halfdan-D...