So in combination with Bounty Contracts this pretty strong. Use this to either keep topping up your bounties; to give extra actions when you kill lots of relatively basic enemies (even a rat exterminating job isn’t beneath Tony!); or as a stronger weapon against a difficult enemy with up to +3 strength available. With Tony’s 5 strength line, an attack of 8 is a very strong option against even the most advanced elite enemies.
Better yet, with two chances of drawing it from your hand there is a good chance of drawing it near the beginning, giving the option of using your bounties more generously.
Realistically it is unlikely you’ll be in a position to activate that trigger and get two colts out for a single action.
(edit: thanks TheNameWasTaken for spotting that there is no synergy with Sleight of Hand, which doesn’t “play” but “puts into play”, so no trigger to allow both colts out on the cheap)
Regrettably few ammo for what you’ll want to use it for, so it’s a good bet that Contraband, Extra Ammunition (if you are a guardian) and Sleight of Hand will be pretty good options, likely to complement other cards you’ll have in Tony’s deck.