I have noticed that a recurring theme among players is the "overpowered" nature of TLW due to its combined fire rate and impact in addition to the bonus damage. I personally do not feel the gun is too overpowered, but in the event of nerfing/tweaking it, I think these would be fair changes.
1) First and foremost, the occasional trigger of the hipfire bonus damage when a person is aiming down the sights is a glitch, I believe that this glitch is the cause of nearly all complaints against the gun, and it's clearly an unintended feature, so fixing this is the best solution for a "nerf".
2) Second, if it's deemed that the gun is still overpowered after it's been properly fixed, a second tweak that I personally find fair is to change Fan-Fire so that it only triggers while hipfiring. The weapon is clearly designed to be a space cowboy hipfire gunslinger, so this change would not affect the hipfire capability in the slightest, but would cause the weapon to function like a standard handcannon when aimed down the sights.
To be honest I think this may be overdoing it, but would support the change for one reason that I care for more than the weapon performance, the animations. When aiming down the sights fanning the hammer looks clunky and unrealistic, when the perspective seen has the gun inches from the face, having a hand there fanning the hammer looks stupid in my opinion.
Tl;dr
Fix the namesake perk so that bonus damage doesn't accidentally trigger when ADS. Nerf Fan-Fire so that it only works when hipfiring the gun because the animations look better that way.
Edit 1:
Also Nerf Thorn because I hate the first person model and can't stand looking at it so it doesn't deserve to be a top tier weapon :P
Edit 2:
Hey cool I sorta-predicted Xur :D. #Psychic
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All it needs is a range reduction. Considering the thing can hit you from 60 meters, I fail to see why a dueling pistol meant for CQC engagements can outgun the Red Death or Suros Regime (albeit its current pathetic state) in their mid-range element. The gun is so accurate in mows down nearly any opponent in a 1 on 1 battle. Which is fine. But sniping with the thing should not at all be a possibility. I'm not sure what Bungie considers long distance, but being able to hit enemies all the way across Skywatch is ridiculous. Also, I'm pretty sure the glitch exists because most guardians start pulling the trigger as soon as they ADS, which the code still finds to be a hipfire before the sight meets the eye. This is one thing everyone should agree needs to go.