Playing off other's ideas, I like the idea of making the hand semi-detachable: if it remains attached via a cable, you can do things like the MK ranged grab- "Get over here!"- Indiana Jones or Inspector Gadget whip/reach tricks, Batman climbing cables- "How much did you say you wegh?". It would give you an advantage leaping from horse to train, horse to stagecoach, horse to horse, or whores to horse from second floors.
If it is easily repairable in game, you could even try something heroically cool like sticking a metal finger into the barrel of the revolver someone is pointing at you.