Make it hold one rocket at a time instead of two
Make it Only hold a total of 4 rockets instead of 5
Make it so armor that gives more heavy only gives it 5 rockets instead of 7
Any or all of these are far better than taking away it's power. I could see them nerfing a weapon that you have ammo for all the time like a primary but you don't have heavy all the time and you really only use it for bosses (or at least that's all i use it for). This is one of the only guns in the game that defines the game. You don't take your defining characteristic and totally destroy it. That's like Nike changing the swoosh or Coke changing their colors to blue and white or Batman changing his symbol to BM.
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How about this - Stop attempting to nerf a much beloved pve weapon. The gjallarhorn is amazing, and utterly satisfying to use, and I really do wish that the other exotic heavy weapons were as fun to use. Super Good Advice is a ridiculous excuse for an exotic, and only benefits players who spin around in circles while holding down the trigger. Thunderlord's accuracy and stability really doesn't improve noticeably enough to compensate for the bullet shredding potential, and the small magazine really doesn't help you feel the real 'minigun' effect it strives for. The lightning strike really needs to be a more prevalent effect, and would make it more impressive, alongside the Gjallarhorn as a viable weapon. The truth performs well as an Aoe weapon alternative to Gjallarhorn, but is not much special. If it caused explosions on enemy kills to help clear leaders in trash mobs, it would once again fill it's role of group destruction to a tee. The only nerf I would accept to Gjallarhorn is if it's Wolf pack rounds did only single target damage, then I would be okay with that, but nerfing it's single target power really takes away from the essence of what makes the weapon what it is.