well, no weapon i've seen has Raycasting for bullets to hit it. also this would not work with explosives. just use the Deflector.
I ought to redo the Shield and Sword at some point. I was thinking of having it as an automatic Deflector, but it only works if the projectile hits that bit of your body and you have the Sword out. (so you can't fire back and be half-invincible easily unless you're at close range)