I am rather fond of this card: It is cheap and on value for Dead Mans Hand decks.
Compared to the seriously punishing cheating resolutions like #Coachwhip or #Jaels Guile the cheating resolution effect is fairly weak in most situations. However, your opponent will probably be quite wary of cheating knowing that the Six-shooters are available in the fight. Of course, in a DMH deck, the cheating resolution might be exactly the thing you need to achieve the elusive DMH and a whole pile of casualties! Likewise this may be particularly useful in a deck aiming for Straight Flushes on lower values.
The Ace of Hearts has some expensive or highly situational choices: This is perhaps one of the best. I think in many decks it will mainly be competing with the Outlaw Mask for the slot.
Noets from the official FAQ v0.8:
If this makes your hand illegal and you have not been hit by a Cheatin’ card this draw hand, you may now be.
Can be used during lowball.
If the modified card is discarded, it immediately reverts to its original value for the purposes of any effects that check the value of the discarded card.