Does this idea work? Surprisingly well. If you had to guess the effect of supplying a country with more guns than people -- some 300+ million -- you might guess that people would be dropping like flies. But the U.S. murder rate is not all that remarkable, really. Murder is not a major concern outside of a handful of dangerous areas.
And that's it, really. Guns are a problem in these few areas. But people everywhere else don't want to give up their guns because of a few areas where they are a problem. And they have a point: often in those dangerous places, existing laws against illegal gun sales or felon-in-possesseion aren't enforced very well.
One thing is for sure: picking around the edges by outlawing certain kinds of rifles or making all kinds of other weird laws won't do anything. Rifles are used in something like 2% of murders. Either you outlaw and collect all handguns (including revolvers), or don't bother.