Pogo-Stick
It would be a tool, and when you switch to it, it would be a vehicle. Instead of a hovering actor though, it would be an armless AHuman with one leg. Switching devices would put the Pogo-stick back into your inventory.

Laser Guided Missile Launcher
The Missile Launcher would have an attached emitter that fires non-lethal MOPixels with a red trail for a laser effect, and MOSRotatings that gib into "Target" actors. When a laser guided missile is fired, it locks on to the closest "Target" actor.

Nice. I especially like the LGML idea. I don't know any lua though, so I can't help out.

Well if you could make the lazer sight, I could do the Lua scripting for the tracking.

I just remembered that having a lot of MOSRotatings woulld cause some lag. Id it possible for Lua to cast a ray from the gun and have the missile lock on to what the ray hits?

I meant that the missile would go to the end of the ray, not lock onto the pointed object.