I have spent the past few hours playing around, and have made a few discoveries.
1.) The shotgun projectile, only acts as 1 of the 14 that would come out of a shotgun, so therefore, if you used it in a sniper, it would do very little damage.
2.) Vice-Versa, when any projectile is used in the shotgun, 14 of it will come out, so if you used the sniper projectile, 14 sniper bullets will come out.
3.) You can't replace the gun in the ghost with the warthog gun, only replace the projectile.(This may be true will all weapons)
4.) Double Speed, and Full-Spectrum Vision do nothing.(It says picked up flamethrower when you walk over it.)(99% sure)
5.) Nothing can be done with the AR shell particle.(99% sure)
6.) Hacking Halo, can give some really cool results, such as Shotgun with Sniper/Rocket Projectile, Warthog Gun with tank shell projectile and Assault Rifle with rocket projectile!
7.) A hex-editor for the Xbox would be very useful to many.
8.) Even with AR rockets and Warthog shells, the game doesn't get too laggy.
And to make things clear to some people, when you replace projectiles, you keep the rate of fire/style of the gun you're firing from. Not just the visual image of the gun.