FUCKIN' THING SUCKS!
(not really)
Personally, I think it looks a bit big. I would make the handle skinnier and longer, and doing the same thing to the rocket. That the mesh faces/vertices/edges in the texture is a bit odd looking. Any possibility that there is a problem in the texture?
That wouldn't work so well since there's not the risk you get when running around with the equaliser. With the EQ, you trade that bonus for being one-shotted by anything.