I agree with just about everything here except for being able to stow away Ace and still keep Memento Mori. A permanent Kill Clip just seems way too strong if all of those other changes are implemented.
Eh, pairing it with OEM was a giant issue, but even without OEM, Ace in its originally released state in this sequel was undoubtedly the strongest primary in the game on PC, and still a contender on console if you knew engagement ranges.
It's a Hand Cannon that has nearly every perk in the game you could want besides something for extra Stability and a Mod Slot for Icarus.
A permanent Kill Clip that you can keep forever until you die just seems wildly unbalanced if all those other buffs mentioned(and possibly some for Adaptive and Aggressive HCs in general) are implemented.