Fast rate of fire would ruin the hand cannon. The whole point is that it's a slow-firing weapon. The reload should definitely be faster, and maybe less recoil too.
I think the best buff for the hand cannon would be to apply the effect of the Gunslinger's "Deadeye" to all hand cannons, all the time.
That would add some uniqueness and an advantage to the hand cannon while not having to boost its rate of fire.
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Remind me what Deadeye does again?
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Deadeye is the accuracy boost upgrade. It basically guarantees hits without having to ADS, but it would work for the regular hand cannon too, forcing you to go into pretty close range to get the headshots.
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Great idea, that could definitely work as well. Maybe all reload faster and have either a faster shot or Deadeye, just for the sake of variety.