I rather enjoyed how all pirates level up each weapon equally with the same perk set. It made the gameplay based mostly on skill and player performance since in the end all players were equal. Leveling up a weapon to 50 would skew the gameplay vs level 30 weapons as 20 extra perk points would master about most/all skills for a weapon in addition to the variable health/voodoo level up perks. It would also increase the player's recommended (yellow) enemy level for that weapon significantly, which would also shift endgame player performance vs enemies of very high levels.
If this were implemented I would keep it a small increase (perhaps level 35) so that the player would get a few more perk points relative to the weapon to express/improve a couple more skills, but I think the balance would be better preserved raising or lowering all weapon levels evenly (in my opinion.)