The looking glass rifle damage was fixed in the patch, but it's still one of the most efficient guns.
I tried making a mod to balance all the items in Arcanum a few years ago and gave up since there's really no point. If all you do is choose the actions for one character in an indirect control setting, the gameplay's going to be shit no matter what.
The biggest problem in arcanum is that dex gives more action points so it's worth more than any other stat because a high dex character is moving in bullet time. The things that I thought were most important to counteract this were:
a) make every weapon of the same class a similar speed
b) make the STR requirements for high base damage weapons very high
Most of the other stuff was minor. The bonus damage on some tech weapons is too high (pyrotechnic axe), others are too low (charged gun), others I'm not sure (charged sword, pyrotechnic bow).
Since the DoT for poison is so low and so easily counteracted, all poison weapons need a boatload of poison damage to even get the player to notice it. Ditto for fatigue damage only weapons like the tranq gun.
Most of the guns that you can make aren't worth making due to high ammo usage. The one exception, oddly enough, is the mechanised gun, because it allows for 25 shots a round. However those 25 shots will cost you 125 bullets, so you'll only use it for a really meaningful fight.
Bullets are very easy to acquire in quantity by ripping off merchants while they sleep, but they still weigh you down.
Oddly enough, most spells also aren't worth casting and they're only worth learning to bump up magic aptitude.
Grump-
Life is obviously going to be very hard for you and I can't help you.
However on the specific issue of Arcanum's schematics, RTFM!
Every schematic ingredient has an icon in the top left showing the skill required.