For ever level you are, you get that many options between gun choices when picking up your order. I hit RANK 3 before picking up my week 1 pulse rifles, and had 3 different options for each. Also, you get a class specific legendary special weapon quest at lvl 2 and class specific exotic primary weapon quest at lvl 3.
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Rank 5 gets you an exotic quest for The First Curse hand cannon.
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Update. Up to lvl 3 this is accurate. I hit Gunsmith lvl 4 this morning & there's still only 3 options per gun and you can only pick 3 of the 5 packages/week. You still get the RANK up packages tho.