Just tested this on Nessus at LL 262.
Warlock Melee does 331 - 662 (on headshot)
Fighting Lion does 201 - 208
Can this be one of the first guns to get a buff? The thing can't even one-shot a harpy on Nessus.
I get you want it to be a shield buster Bungie, but considering you both A: can't change the elemental to match shield types and B: almost any other weapon can do it better, I think it's due for a damage buff. Not to mention the abysmal reload time and ammo reserves the weapon has.
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Wait you can get a headshot bonus on melee?! Hell yeah!