Here's what I think should happen to the GL. Since most people now think of using it as a chasing weapon, I think that it could fulfill that role, without being overpowered, in a different situation.
Chasing does not just consist of killing the flag carrier, with a certain type of weapon. The main priority is to stop the Capper, from reaching his base. Therefore, tactics like; slowing down the Capper by landing a grenade in front of him, or landing it right next to him, so he will hit an obstacle on the other side(example Zenith front route) etc. Now, this has become very easy, with the current GL, as the RoF has been increased, tremendously. The current impulse effect, in my opinion, is sufficient for that. What needs to happen, is that the range of the impulse must be made larger, and damage, shorter. The sum of the damage of grenades(in Public Test) should atleast be equivalent to the damage of each grenade of the original GL, per second. For example, if we assume that for every 5 seconds, the original GL shoots 3 grenades, and the public test one shoots 6. The sum of the damage of the 6 grenades of the PT GL should be equal to that of the 3 grenades of the original, shot in 5 seconds. That's ideal compensation, in my opinion.
By increasing the impulse range, some may think that the GL would be overpowered, in terms of disrupting Cappers, but there is also the down side of boosting the enemy Capper, if the shot isn't properly made.