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Not a bad start. Compared to most debut skins, it is slightly better executed and is not excessively basic.
But it has it's issues, I'm afraid. Firstly, the texture is misaligned, and some spots don't really make sense.
Using your own screenshot as an example, I'd like you to pay attention at the bottom right corner, near the $ number.
The texture suddenly decreases in quality, and doesn't align with it's surroundings. Something similar happens on the center of the weapon, where the red line gets cut by other parts of the model.
So far it looks like you simply pasted your new textures over the default ones without really paying attention, thus the result.
That's a tutorial on fixing texture misalignments. Hopefully it is helpful enough.
And secondly, the skin as a whole looks pretty bland - no offense, but it's just what you would expect if you did a solid recolor in Paint. Colors are simply too solid, and ruin the feel of the weapon.
I understand that you might want to skin any concept you may have regardless of how realistic it is, but weapons are made of metal, and they should look like they are made of metal - that's undeniable. That's one of the biggest reasons why this skin looks pretty off. Aside from that tutorial, you could also take a look at this one.
All in all, my rating is a two - mainly because the idea after all isn't bad, the execution is; and because you made both player and world models. Just try again, this time try to read a few tuts to help you on the way, and give yourself more of time to make it, which leads to the most important rule - do not rush.
Better luck next time!