The title gets the point across.
This change would let any Hunter class use it as a melee retribution tool. It should not give a damage buff to ranged melee attacks, merely replace close range strikes with the buffed melee if proc'd. The change shouldn't pose an issue in crucible as it only deals with double melee scenarios. Getting an edge in those is interesting, but not revolutionary.
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If you bothered to read the exotic it states for arc melee