Yeah, A magnaguard would be cool with a staff but how effective would it be? If they made him really quick or agile then it might work.
Basicly, a guy with a melee weapon in a setting where almost everyone else has guns is pretty much screwed, unless he has somthing to back him up. Like lots of health, the ability to reflect shots, or being incredibly speedy and agile.
It would be an interesting weapon, maybe as a back up close range weapon instead of the 'launcher. So he can spam rockets from his gun (or back...) and if guys get too close beat 'em down with it's staff.
Not being paranoid doesn't mean someone isn't trying to kill you... or does it?