Chaos gives awesome abilities to each weapon type --- swords, guns, and bombs. But yes the abilities are still awesome if you use just one weapon type. And that's especially true if your weapons are charge-oriented, such as Autogun- and Magnus-style guns.
What you should consider is: If you're using just guns, then there are other armors whose offense is nearly as good as Chaos', but whose defense is much better. And there's also Black Kat. For more information check out the Handgun section of my detailed armor guide.